The Bank of Korea's CBDC pilot adds two regional banks, P2P transfers and biometrics in a second phase that could start in September, Yonhap reports.
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The Bank of Korea could launch the second phase of its wholesale CBDC pilot, Project Hangang, as early as September, Yonhap News reported.
The next stage adds two regional lenders – Kyongnam Bank and iM Bank – to the seven already in the program, bringing the total to nine. It also introduces peer-to-peer transfers, biometric authentication, and automated deposit token transfers. The government plans to test subsidy disbursements using tokenized bank deposits.
Project Hangang uses a blockchain-based wholesale CBDC issued by the central bank as the settlement asset for deposit tokens issued by commercial banks. Consumers use the bank-issued tokens for everyday payments.
The first phase ran from April to June 2025. It drew about 81,000 participants who completed 114,880 transactions using deposit tokens, according to the central bank.
The second phase shifts toward commercialization. Participating banks can bring merchants they already partner with into the program.
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