{"id":71527,"date":"2026-04-23T03:48:48","date_gmt":"2026-04-23T03:48:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-korea-bok-governor-prioritizes-digital-won-cbdc-in-first-policy-speech-bitcoin-news\/"},"modified":"2026-04-23T03:48:48","modified_gmt":"2026-04-23T03:48:48","slug":"south-korea-bok-governor-prioritizes-digital-won-cbdc-in-first-policy-speech-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-korea-bok-governor-prioritizes-digital-won-cbdc-in-first-policy-speech-bitcoin-news\/","title":{"rendered":"South Korea BOK Governor Prioritizes Digital Won CBDC in First Policy Speech \u2013 Bitcoin News"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<p><strong>Key Takeaways:<\/strong><\/p>\n<ul>\n<li>Bank of Korea (BOK) Governor Shin Hyun-song, sworn in on April 21, 2026, made <span>CBDC<\/span> and deposit tokens the centerpiece of his inaugural address.<\/li>\n<li>Project Hangang Phase 2, now involving 9 banks, targets government subsidy use cases worth up to 110 trillion won ($73B).<\/li>\n<li>Shin\u2019s omission of <span>stablecoins<\/span> from his first speech signals a state-first digital won strategy as South Korea finalizes its Digital Asset Basic Act.<\/li>\n<\/ul>\n<h2>Project Hangang Phase 2 Takes Center Stage as New BOK Governor Outlines Digital Won Plans<\/h2>\n<p>Shin took office, succeeding Rhee Chang-yong at the start of a four-year term. His first major <a href=\"https:\/\/biz.chosun.com\/en\/en-policy\/2026\/04\/21\/WHRFF4ROHVHJ3O5SKMKA3C7G3M\/\" target=\"_blank\" rel=\"noopener noreferrer\">policy speech<\/a> made no mention of won-denominated <a href=\"https:\/\/news.bitcoin.com\/stablecoins-move-toward-mainstream-payments-as-binance-cites-visa-beating-volume\/\">stablecoins<\/a>, a notable omission given that South Korea is actively debating <span>stablecoin<\/span> rules under the pending Digital Asset Basic Act.<\/p>\n<p>The BOK\u2019s position, as Shin <a href=\"https:\/\/en.yna.co.kr\/view\/AEN20260421003051320\" target=\"_blank\" rel=\"noopener noreferrer\">framed it<\/a>, centers on a two-tier model. The central bank issues a wholesale or hybrid <span>CBDC<\/span>. 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.<\/p>\n<p>Shin pointed directly to Phase 2 of Project Hangang, the BOK\u2019s flagship digital won pilot, as the mechanism to \u201cincrease the usability of <span>CBDC<\/span> and deposit tokens.\u201d Phase 2 launched in March 2026 and has since expanded to nine major commercial banks. Real-world transaction testing is underway, with potential applications including government subsidy disbursements valued at up to 110 trillion won, approximately $73 billion.<\/p>\n<p>Phase 1 of <a href=\"https:\/\/www.ledgerinsights.com\/bank-of-korea-launches-phase-2-of-project-han-river-tokenized-deposit-pilot\/\" target=\"_blank\" rel=\"noopener noreferrer\">Project Hangang<\/a> focused on technical testing of a blockchain-based digital won. Phase 2 moves into applied use, exploring programmable money, regulatory compliance tools, and integration with existing payment infrastructure.<\/p>\n<p>Shin also referenced BOK\u2019s participation in Project Agora, a BIS-led cross-border tokenization initiative. The project explores multi- <span>CBDC<\/span> platforms for faster international payments and settlements. For Shin, BOK involvement in Agora ties directly to a stated goal of expanding the Korean won\u2019s role in global digital payments without loosening capital controls or destabilizing the financial system.<\/p>\n<p>Additional priorities in the speech included 24-hour foreign exchange trading, an offshore won settlement system, and tighter oversight of <a href=\"https:\/\/news.bitcoin.com\/armed-men-steal-820k-in-crypto-from-french-family-in-ploudalmezeau-home-invasion\/\">crypto<\/a> markets and non-bank financial institutions. Shin said the BOK would pursue \u201ccautious and flexible\u201d monetary policy throughout his term.<\/p>\n<p>The <a href=\"https:\/\/news.bitcoin.com\/infinite-launches-fiat-and-stablecoin-bank-accounts-powered-by-erebor-bank-for-us-businesses\/\">stablecoin<\/a> omission drew immediate attention from observers. During his mid-April confirmation hearing before parliament, Shin had taken a more open position. In written remarks submitted to lawmakers, he stated that <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-central-bank-digital-currencies\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">CBDCs<\/a> and deposit tokens would \u201ccoexist with <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">stablecoins<\/a> in a manner that is supplementary and competitive to each other,\u201d and that any <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-are-stablecoins\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">stablecoin<\/a> issuance should begin with regulated banks. The shift in tone from nominee to governor was deliberate, according to observers watching the process.<\/p>\n<p>Shin brings a specific international background to the role. He served as Economic Adviser and later Head of the Monetary and Economic Department at the Bank for International Settlements from 2014 until early 2026. Before the <a href=\"https:\/\/news.bitcoin.com\/bis-official-flags-320-billion-stablecoin-market-as-financial-stability-concern\/\">BIS<\/a>, he held academic posts, including a position at Princeton University. His tenure at the BIS overlapped with several collaborative <a href=\"https:\/\/news.bitcoin.com\/billionaire-ray-dalio-believes-cbdcs-are-more-about-control-than-efficiency\/\">CBDC<\/a> experiments, including earlier joint projects involving South Korea.<\/p>\n<p>The commercial banking sector stands to gain significant positioning under Shin\u2019s 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.<\/p>\n<p> <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">Crypto<\/a> markets and non-bank financial entities face increased scrutiny under the new governor. Shin pledged better data access for risk tracking and closer monitoring of activity outside the traditional banking system.<\/p>\n<p>South Korea\u2019s <a href=\"https:\/\/news.bitcoin.com\/rwanda-unveils-yearlong-cbdc-pilot-program\/\">CBDC<\/a> development has progressed through two governors. Rhee Chang-yong advanced technical pilots and explored subsidy applications. Shin takes over at the commercialization phase, with a clear preference for regulated, interoperable infrastructure over broader private-sector experimentation.<\/p>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/south-korea-bok-governor-prioritizes-digital-won-cbdc-in-first-policy-speech\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) 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\u2019s omission [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":71528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/71527"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=71527"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/71527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/71528"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=71527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=71527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=71527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}