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1. Pilot Design & Core Features

Published 7/20/2026, 6:18:26 PM

The Bank of Korea (BOK) has positioned its Project Hangang CBDC pilot as a leading global template by shifting focus from simple retail payments to a sophisticated two-tier "Deposit Token" architecture. As of July 2026, the BOK is transitioning into a live transaction phase (scheduled for September 2026) following a successful 100,000-person pilot in 2025. Its design is a core pillar of the BIS-led Project Agorá, which seeks to tokenize wholesale cross-border payments alongside other major central banks.

1. Pilot Design & Core Features

The BOK's model preserves the existing financial hierarchy while introducing blockchain-based efficiency. A key feature is the collaboration with Samsung to enable offline NFC-based payments, allowing transactions without an internet connection [Verified: NFCW, CNBC].

FeatureImplementation Detail
Two-Tier ArchitectureBOK issues wholesale CBDC; commercial banks issue "Deposit Tokens" to end-users.
Privacy-by-DesignPersonal data remains with commercial banks; the BOK does not access individual identities [Source: https://www.bok.or.kr].
ProgrammabilitySupport for "Smart Vouchers" (e.g., childcare subsidies) restricted to specific vendors or timeframes.
Technical StackBuilt on a DLT-based network with LG CNS as the lead system developer.
Offline CapabilityNFC-based contactless payments developed with Samsung [Source: https://www.bis.org].

2. Key Results & Metrics (Phase 1: 2025)

The initial large-scale trial provided critical data on real-world adoption and technical performance.

  • Participation: 81,000 digital wallets were opened (81% of the 100,000 target).
  • Transaction Volume: 114,880 transactions were processed during the 3-month window.
  • Economic Scale: ₩1.64 billion (~$1.11M) was converted into CBDC tokens.
  • Utilization: Users spent 42.1% of their converted funds, indicating active but cautious adoption.
  • Limits: Participants were capped at ₩1M (~$689) in deposit tokens and a ₩5M total spending limit.

3. Relevance as a Global Template

The BOK's approach is viewed as a blueprint for advanced economies for three primary reasons:

  • Preservation of the Banking System: Unlike "Direct CBDC" models that risk disintermediating banks, the BOK's deposit token model keeps commercial banks at the center of the customer relationship, mitigating the risk of bank runs.
  • Solving the "Why" (Programmability): In a market where mobile banking usage is already high (79% of consumers [Source: Statista]), the BOK focused on programmable government subsidies to provide utility that private apps cannot easily replicate.
  • International Interoperability: The BOK is a lead participant in Project Agorá (alongside the NY Fed and Bank of England). This ensures the "Digital Won" is compatible with a unified global ledger for cross-border settlement [Source: https://www.projectagora.org].

4. Current Status & September 2026 Outlook

As of July 2026, the pilot is expanding from 7 to 9 participating banks, adding Gyeongnam Bank and iM Bank. The September 2026 milestone is targeted for live interbank settlement and peer-to-peer (P2P) payment testing. While the BOK has significantly expanded its research, the specific claim regarding the elevation of its unit to a permanent "Digital Currency Research Lab" remains unconfirmed by independent sources [Note: not independently confirmed].

In summary, the BOK's pilot serves as a template by demonstrating how a CBDC can coexist with commercial banks while providing unique programmable utility, though its full adoption by other central banks remains tied to the ongoing results of multi-lateral projects like Agorá.