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Deep Tide TechFlow message: On July 20, according to Yonhap News Agency, Korean banks are accelerating the rollout of the second phase of the “Han River Plan,” an experimental project based on a central bank digital currency. If system development and participant recruitment are completed as planned, real-world deposit token trading tests will begin as early as September and continue on an open-ended basis. The number of participating banks in the second phase will increase from 7 to 9. New functions will include peer-to-peer transfers, biometric authentication, and automated deposit token deposit and withdrawal. Use cases will also expand to merchants contracted with the participating banks.
Meanwhile, the Korean government will also push forward subsidies for electric vehicle charging facilities funded by issuing deposit tokens, and will study incorporating treasury funds such as public-sector business advance fees into the pilot.