South Korea eyes September launch for second phase of CBDC pilot: Report
South Korea's Bank of Korea is reportedly planning to launch the second phase of its wholesale central bank digital currency pilot, Project Hangang, in September. The next stage will expand participation to nine banks, introduce new payment features, and test government subsidy payments through tokenized bank deposits. The pilot aims to explore commercialization of the CBDC, including peer-to-peer transfers and biometric authentication.
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Expansion to nine banks and introduction of new payment features are notable steps, but the success of Project Hangang will also depend on addressing potential concerns around data privacy and security, particularly with the use of biometric authentication, which may raise risks of mass surveillance and identity theft.