🟠 Bank of Korea governor: yes to CBDCs and deposit tokens — but no mention of stablecoins

In his first address, the new Bank of Korea governor Hyun-Song Shin backed CBDCs and tokenized deposits. Notably, he didn’t mention stablecoins at all, despite earlier talk that he could be open to a won-backed stablecoin.

📌 What he highlighted
— The central bank will push Project Hangang (phase 2) — a wholesale CBDC pilot for bank-to-bank settlement
— Korea is joining global payment efforts, including Project Agora focused on tokenized cross-border payments
— The stated goal: strengthen the Korean won’s position in digital payments

⚠️ Why the stablecoin silence matters
— South Korea’s won-stablecoin bill is still stalled
— The main debate: only banks should issue, or non-banks like fintechs/tech firms too
— Shin previously argued stablecoins lack “unity” as money because blockchains are fragmented across chains with different fees, security, and design

🏛 Another practical pilot
The finance ministry is preparing a test of government payments using tokenized deposits under a regulatory sandbox. It starts in Sejong City, with a broader rollout targeted for Q4 2026.

📌 Bottom line

The message is clear: Korea is leaning toward a bank-and-state rail (CBDCs + deposit tokens), not an open stablecoin model. That choice could shape the country’s payments and crypto infrastructure for years.

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