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Bank of Korea Expands Digital Won Pilot With Nine Banks

Bank of Korea Expands Digital Won Pilot With Nine Banks

According to the Bank of Korea, phase two of Project Hangang expands the digital won pilot to nine banks and adds real government subsidy disbursements using CBDC-linked deposit tokens.

Fact Check
The statement is fully corroborated by multiple news reports published on March 18, 2026. These reports confirm that the Bank of Korea launched Phase 2 of 'Project Hangang,' which involves nine commercial banks (the original seven plus Kyongnam Bank and iM Bank) and focuses on real-world testing of CBDC-linked deposit tokens for government subsidies, such as electric vehicle charging infrastructure grants.
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Summary

The Bank of Korea has started phase two of Project Hangang, expanding its digital won pilot to nine commercial banks, including Kyongnam Bank and iM Bank, and introducing the first use of CBDC-linked deposit tokens for actual government subsidy payments. The program tests bank-issued, won-pegged deposit tokens built on a wholesale CBDC layer for consumer payments, peer-to-peer transfers and public subsidy distribution. Earlier reporting said the government planned to begin some subsidy disbursements in the first half of the year, including possible electric vehicle charging infrastructure support, and the latest update confirms the pilot has now moved into real subsidy-payment use. The expansion comes as South Korea continues debating stablecoin issuance rules under the delayed Digital Asset Basic Act.

Terms & Concepts
  • digital won: A digital form of South Korea’s sovereign currency being tested by the Bank of Korea through pilot payment infrastructure.
  • Deposit tokens: Tokenized claims on commercial bank deposits that can be used for payments and transfers on digital financial rails.
  • CBDC: A central bank digital currency is a digital version of fiat money issued and backed by a central bank.