The March 18 announcement marks a renewed push by the Bank of Korea (BOK) to move its digital currency efforts closer to commercialization after earlier delays tied to policy debates around won-denominated stablecoins. Phase 2 builds on prior trials by introducing additional banks, enhanced functionality and expanded real-world use cases.

Project Hangang centers on a hybrid model that combines a wholesale central bank digital currency (wCBDC) issued to financial institutions with blockchain-based deposit tokens distributed to consumers for everyday transactions. The approach is designed to bridge traditional banking infrastructure with programmable digital payments.

Phase 1, conducted between April and June 2025, involved seven major South Korean banks and tens of thousands of users. The pilot processed more than 114,000 transactions across participating merchants, including retail shops and online platforms, but adoption remained modest.

Phase 2 widens the testing pool by adding BNK Kyongnam Bank and iM Bank, bringing total participation to nine commercial banks. The expansion is expected to support larger-scale transaction testing planned for the second half of 2026.

Under the new phase, banks will integrate the system into their existing applications while covering their own development costs, with the central bank funding core infrastructure and consulting through October 2026.

The updated pilot introduces several new features aimed at improving usability and functionality. These include person-to-person transfers, biometric authentication such as fingerprint login, and automatic conversion of traditional deposits into tokenized balances when users’ digital wallets run low.

Government integration also takes center stage. Phase 2 expands programmable payments tied to public subsidies and vouchers, including a pilot tied to electric vehicle charging incentives managed by the Ministry of Climate, Energy, and Environment. The system enables real-time tracking of funds and automated compliance checks through smart contracts.

Officials are also testing broader treasury disbursements, allowing government payments to flow across multiple banks rather than relying on a limited set of intermediaries. The initiative is linked to improving transparency and efficiency in distributing large-scale public funds.

Merchant participation is expected to grow as well, with both small businesses and large enterprises joining the trial. Lower transaction fees compared with conventional payment systems and the potential for automated, programmable payments are positioned as key advantages.

Bank of Korea officials describe the system as a practical compromise between centralized digital currencies and private stablecoins. “The system we are preparing under Project Hangang can be seen as a middle ground,” said Kim Dong-seop, head of the BOK’s Digital Currency Planning Team, noting that deposit tokens can move freely across institutions unlike many existing stablecoins.

The broader objective is to establish a low-cost, interoperable digital payment system while enabling new financial services, including tokenized assets and automated transactions. The central bank is also exploring long-term scenarios where a portion of national budget spending could be digitized.

The timeline for Phase 2 includes early subsidy pilots in the first half of 2026, followed by expanded real-world transaction testing later in the year. The results will inform potential commercialization and regulatory adjustments.

• What is Project Hangang?
  Project Hangang is the Bank of Korea’s pilot program testing a digital won using a hybrid CBDC and deposit token system.
• How many banks are involved in Phase 2?
  Nine commercial banks are participating after the addition of BNK Kyongnam Bank and iM Bank.
• What new features are included in Phase 2?
  New features include P2P transfers, biometric login, automatic token conversion and programmable government payments.
• When will large-scale testing occur?
  Expanded real-world transaction testing is scheduled for the second half of 2026.

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