Key Takeaways:
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. Project Hangang Phase 2, now involving 9 banks, targets government subsidy use cases worth up to 110 trillion won ($73B). Shin’s omission of stablecoins from his first speech signals a state-first digital won strategy as South Korea finalizes its Digital Asset Basic Act. Project Hangang Phase 2 Takes Center Stage as New BOK Governor Outlines Digital Won PlansThe commercial banking sector stands to gain significant positioning under Shin’s framework. Deposit tokens place commercial banks at the center of digital money distribution, giving them a direct role in programmable finance while keeping central bank oversight intact.
