Bank of Korea Accelerates Commercialization of Deposit Tokens (Yonhap News)
The Bank of Korea (BOK) is reportedly accelerating commercialization of deposit tokens under Phase 2 of Project Hangang, with real-transaction testing expected to resume as early as September 2026, as legislative progress on a won-denominated stablecoin has stalled. Phase 1 (April–June 2025) enrolled 81,000 participants and recorded 114,880 transactions; Phase 2 expands participating banks from seven to nine, adds peer-to-peer transfers, biometric authentication, and broader merchant coverage. A government pilot will test purpose-bound deposit tokens for electric vehicle charging subsidies to prevent fraudulent disbursements. A separate Ministry of Finance and Economy initiative will pilot government bond tokenization linked to the BOK’s institutional central bank digital currency next year. Passage of enabling Digital Assets Act legislation remains unresolved. [Yonhap News]
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FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
