Bank of Korea’s New Governor Emphasizes CBDC and Deposit Tokens
- Shin Hyun-song was sworn in as the Bank of Korea governor on April 21, 2026.
- His inaugural address focused on CBDC and deposit tokens, omitting any mention of stablecoins.
- Project Hangang Phase 2 involves nine banks and targets government subsidy use cases worth up to $73 billion.
- The BOK’s strategy centers on a two-tier model with commercial banks issuing deposit tokens for everyday transactions.
- Shin emphasized participation in Project Agora for cross-border tokenization initiatives.
Governor Shin Hyun-song’s focus on CBDC and deposit tokens marks a significant shift in South Korea’s digital currency strategy, emphasizing state-backed solutions over privately issued alternatives like stablecoins. This approach aligns with the country’s ongoing efforts to finalize its Digital Asset Basic Act.
Project Hangang Phase 2 is central to this strategy, aiming to enhance the usability of CBDCs and deposit tokens with real-world applications such as government subsidy disbursements valued at approximately $73 billion. (Source)
