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Crypto

Bank of Korea steps up 'Project Hangang' as it presses CBDC pilot

The Bank of Korea is accelerating its central bank digital currency (CBDC) pilot, Project Hangang, as legislation on a digital assets framework law stalls in parliament. The project has moved into a second phase focused on building a basis for commercialising deposit tokens, expanding participating banks and planned QR-code payments at more stores. The bank will also test paying an electric-vehicle charging subsidy in deposit tokens, a first for public finance, while debate continues over stablecoin oversight.

General News

South Korea, U.S. hold kickoff meeting for Technology Prosperity Working Group

South Korea and the United States on April 9 held a kickoff meeting for the Korea-U.S. Technology Prosperity Working Group and began cooperation to implement a bilateral technology prosperity memorandum of understanding. The two countries had agreed to launch the working group to carry out the MOU signed in October. The meeting was the first official session, with South Korea’s science and foreign ministries and the U.S. White House science office and State Department attending.

Telecommunications & Media

QoS to apply to all mobile plans, 5G plan in 20,000 won range to launch

South Korea will push a sweeping overhaul of mobile pricing to strengthen basic communications rights and cut household bills. The government will require all LTE and 5G data plans to include a data safety option (QoS) at no extra charge, including existing plans. It expects about 7,170,000 users to benefit and estimates annual savings of 322.1 billion won. It will also expand senior benefits and simplify plan structures, including launching a 5G plan in the 20,000 won range.