South Korea BOK Governor Prioritizes Digital Won #CBDC in First Policy Speech

Bank of Korea (BOK) Governor Shin Hyun-song, sworn in on April 21, 2026, made CBDC and deposit tokens the centerpiece of his inaugural address.

The BOK’s position, as Shin framed it, centers on a two-tier model. The central bank issues a wholesale or hybrid CBDC. Commercial banks issue deposit tokens that are fully convertible and designed for everyday payments and settlements. Neither layer leaves room for a privately issued alternative at the top of the stack.

Shin pointed directly to Phase 2 of Project Hangang, the BOK’s flagship digital won pilot, as the mechanism to “increase the usability of CBDC and deposit tokens.” Phase 2 launched in March 2026 and has since expanded to nine major commercial banks.