Leading banks participate in a significant blockchain network test allowing retail consumers to trade tokenized won across commercial lines.
By Olivier Acuna|Edited by Jamie Crawley Jul 20, 2026, 11:10 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on The Bank of Korea will initiate the second phase of its CBDC project with live transactions scheduled for September, involving nine major banks. (Sean Young/Wikimedia Commons)SummaryShow- The Bank of Korea is set to begin the second phase of its central bank digital currency pilot in September, involving real transaction testing with nine leading banks.
- This initiative will utilize infrastructure provided by BOK, with participating banks managing and issuing deposit tokens, paving the way for a potential digital won commercialization.
- South Korea's CBDC initiative coincides with banks developing won-backed stablecoins and a government plan to recognize cryptocurrencies as national assets, despite only a few nations having fully implemented CBDCs.
The Bank of Korea's central bank digital currency (CBDC) initiatives are advancing with the involvement of nine banks.
The second phase of BOK's CBDC program is slated to commence in September, incorporating real transaction testing, as reported by Yonhap News Agency on Monday.
According to a BOK official speaking to YNA, "The Bank of Korea will supply the infrastructure for the institutional CBDC, while each bank will manage its own operations using deposit tokens. From the second phase onward, we will establish a foundation for commercialization."
This phase will include nine banks, comprising Gyeongnam Bank and iM Bank, along with South Korea's leading banks: KB Kookmin, Shinhan, Hana, and Woori Financial Group.
As quoted by Yonhap, the government aims to facilitate an environment where the won can be traded freely without restrictions on time or location.
CBDCs represent a digital variant of fiat currency on the blockchain, overseen by the central bank and recognized as legal tender. Only a limited number of countries have officially launched a CBDC. The Bahamas introduced theirs in October 2020, followed by Nigeria in 2021 and Jamaica in 2022, as per the Atlantic Council’s CBDC tracker.
The tracker indicates that 41 countries are in the testing phase of a CBDC, with 33 in development, while 15 have inactive projects and nine have been canceled. Recently, the U.S. Senate approved legislation imposing a four-year moratorium on CBDCs, although President Donald Trump has yet to sign it into law.
The BOK's announcement coincides with South Korean banks working on their own stablecoin frameworks. Hana Bank is reportedly designing systems to support a future won-backed stablecoin, which includes features like issuance, redemption, settlement, digital wallets, and anti-money laundering measures, as stated in local media reports. While the bank has not committed to launching a stablecoin, it is preparing its infrastructure in anticipation of forthcoming legislation as banks brace for increased competition in the sector.
Shin Hyun-son, appointed as the new Governor of the Bank of Korea in April, emphasized the importance of CBDC and BOK-issued deposit tokens in his inaugural address.
The South Korean Ministry of Economy and Finance revealed plans to amend a seven-decade-old national asset law to classify cryptocurrencies as national assets, which aligns with the country's broader initiative to integrate blockchain into public finance.
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Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
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CEX trading volumes increased for the first time in five months in June, with spot trading rising 15.3% to $1.11 trillion and RWA perpetual volumes reaching a record $311 billion.
By CoinDesk ResearchJul 13, 2026CEX trading volumes increased for the first time in five months in June, with spot trading rising 15.3% to $1.11 trillion and RWA perpetual volumes reaching a record $311 billion.
Why it matters:
CEX trading volumes increased for the first time in five months in June, with spot trading rising 15.3% to $1.11 trillion and RWA perpetual volumes reaching a record $311 billion.
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