Project Hangang Phase 2

phase 2 (commercial testing)

The Bank of Korea has expanded its central bank digital currency initiative by launching the second phase of Project Hangang. This phase involves nine participating financial institutions and focuses on testing deposit token functionality within existing banking platforms, evaluating interoperability between different banking systems, assessing transaction efficiency, and examining security protocols for large-scale digital currency deployment. The project aims to integrate deposit tokens with conventional deposit accounts and enhance financial inclusion while maintaining monetary policy effectiveness.