South Korea’s central bank, the Bank of Korea (BOK), is gearing up to launch a real-world trial for its central bank digital currency (CBDC) in April. Dubbed the “Digital Test Project Hangang,” this initiative will run for three months, allowing approximately 100,000 participants to convert their traditional bank deposits into a new form of digital money, known as “deposit tokens.” These tokens will be used for transactions at select merchants, both online and offline, with the goal of testing the feasibility of a fully digital payment ecosystem. The experiment will also explore whether the current bank settlement system—reliant on central bank reserves—can be modernized using distributed ledger technology.

To ensure widespread participation, the BOK plans to release an official announcement by the end of March, inviting the public to join the experiment. A spokesperson from the central bank highlighted the potential advantages, stating:

Through deposit token payments, merchants can receive settlement funds in real time. Additionally, related transaction fees are expected to be reduced by minimizing intermediary institutions in the payment process.

If successful, this project could lay the foundation for a nationwide CBDC rollout, potentially transforming South Korea’s financial landscape.

This large-scale pilot is a joint effort between the BOK and seven major financial institutions: KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, IBK Industrial Bank of Korea, and BNK Busan. Under the test framework, these banks will issue deposit tokens backed by the central bank’s digital currency, allowing participants to seamlessly transition between traditional cash and digital assets.

Each individual will have a maximum holding limit of 1 million won (approximately $693), with a cumulative transaction cap of 5 million won over the course of the trial. Transactions will be conducted through mobile banking apps using QR code payments, with merchants like Hyundai Home Shopping, Ddangyo, 7-Eleven, Hanaro Mart, Kyobo Bookstore, Ediya Coffee, and Silla University participating in the program.

Many central banks worldwide are actively exploring and implementing central bank digital currencies. According to a study by the Atlantic Council, 134 countries, representing 98% of the global economy, are investigating or advancing their digital currency initiatives. Notably, China has expanded its e-CNY pilot and the European Central Bank (ECB) has launched a multi-year digital euro pilot, while the Bank of England has expressed skepticism about a digital pound. In the U.S., President Donald Trump has issued an executive order prohibiting federal agencies from establishing, issuing, or promoting digital dollars in the U.S. or abroad. Additionally, the Mbridge project, involving countries like China, Thailand, the UAE, Hong Kong, and Saudi Arabia, is developing a platform for real-time, cross-border CBDC transactions.

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