"Shin Hyun-song's inaugural address firmly established the Bank of Korea's commitment to central bank digital currency (CBDC) and bank-issued deposit tokens, sidelining private stablecoins entirely."
"Project Hangang Phase 2, which launched in March 2026, is designed to enhance the usability of CBDC and deposit tokens, with real-world transaction testing currently underway."
"The BOK's two-tier model involves the central bank issuing a wholesale or hybrid CBDC, while commercial banks will issue fully convertible deposit tokens for everyday transactions."
Shin Hyun-song, the new Governor of the Bank of Korea, emphasized the importance of central bank digital currency (CBDC) and bank-issued deposit tokens in his inaugural address. He highlighted Project Hangang Phase 2, which involves nine banks and aims to facilitate government subsidy use cases worth up to 110 trillion won. The BOK's strategy excludes private stablecoins, indicating a focus on a state-controlled digital currency framework as South Korea approaches the finalization of its Digital Asset Basic Act.
Read at news.bitcoin.com
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