South Korea's CBDC Pilot 'Hangang Plan' Enters Phase 2 With 9 Banks, Expands E-wallet Cap to 500,000

According to EToday, South Korea's central bank digital currency pilot program "Hangang Plan" launched its second phase, with Gyeongnam Bank and iM Bank formally joining, bringing total participating banks to 9.

The phase 2 testing significantly expands the deposit token user base and use cases. Electronic wallet limit increases from 100,000 to 500,000 units, with usage expanding from existing merchants to small and medium enterprises and large corporations. New features include inter-wallet transfers and government fund payment trials. Individual wallet holding limits rise from 1 million to 10 million Korean won, while cumulative holding limits increase from 5 million to 100 million Korean won.