The Financial Services Commission of South Korea has officially approved the large-scale expansion of the Project Hangang pilot project. The number of user wallets for testing digital payments will increase from one hundred thousand to five hundred thousand. Two new banks will also join the experiment, bringing the total number of participants to nine. Extended testing is planned to be launched in September this year. It is important to note that the limit applies specifically to the number of wallets, and not to unique users. The participants themselves will not own the central bank's digital currency directly. Instead, they will use special deposit tokens issued by commercial banks for settlements.

The regulator has significantly revised financial restrictions to ensure more realistic testing. The maximum limit for storing funds in one wallet has been increased from one million to ten million South Korean won. The cumulative limit of operations has also increased to one hundred million won. For individuals, there are limits on transfers of up to five million won per day. The new functionality will include biometric confirmation of transactions and a convenient automatic balance replenishment system. If there is a shortage of funds, the system automatically converts the required amount from the user's regular bank account. Remote account opening and the possibility of issuing electronic cash receipts are provided for corporate clients.

The project continues to use a reliable two-tier digital asset allocation model. The Bank of Korea issues wholesale digital currency exclusively for interbank settlements. Commercial banks use this infrastructure to create deposit tokens, which are a digital representation of real customer funds. Thus, the token remains an obligation of a particular commercial bank, providing the usual level of protection. The second stage of the experiment will also affect government spending. The implementation of smart contracts will allow direct transfer of tokens to recipients, strictly setting the conditions for their further use.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.