The Central Bank of Korea's digital currency pilot, the Han River Project, will enter a more in-depth phase. ETNews reported that the Republic of Korea is connecting its existing mobile phone banking and account infrastructure to the digital currency system, and that the pilot focus has shifted from simple payment testing to a closer picture of real banking.
Deposit tokens issued by banks
The core arrangement for the new phase was the issuance of deposit notes by participating banks, supported by the wholesale CBDC provided by the Bank of Korea. Users do not directly hold the digital currency issued by the Central Bank, but use the deposit tokens by embedding the bank ' s App ' s electronic wallet.
Access account and transfer function
Compared to the first phase, this round of pilots is no longer limited to limited payment scenarios. Commercial banks will build new technologies and operational infrastructure to connect digital money functions to the existing banking system.
- Accounts maintained and reconciled
- Interest calculation and transfer function
- Cash withdrawal and other day-to-day banking operations
It was mentioned that the Bank would also develop digital voucher systems, electronic wallets and a platform based on block chains to enable these functions to be embedded directly into existing business processes.
Still limited range test.
At present, the plan is not yet a nationwide official landing of the CBDC. At this stage, there is still a limited real-life experiment, mainly involving participating banks in the testing of deposit tokens supported by central bank digital currency for specific users and scenarios.
In the first phase, the Bank of Korea first provided the participating banks with a wholesale CBDC, then the banks issued deposit notes to clients and completed a limited payment test through the wallets provided by the banks. On this basis, the new phase further links tokenized deposits to traditional banking.
Stabilization currency discussions are synchronized.
This development is also taking place at a time when Korea is discussing a regulatory framework for business encryption. It was reported that the Republic of Korea was considering excluding the United States dollar-stabilized currency in the upcoming regulatory regulation of corporate encryption, including Tether ' s USDT and Circle ' s USDC.
Meanwhile, Tether also submitted seven trademark applications through the Korea KIPRIS database. This shows that while advancing its digital currency test, South Korea is also observing the location of a stable currency on the local market.