The Bank of Korea (BOK) has commenced the second phase of 'Project Hangang,' an initiative aimed at advancing the commercialization of Central Bank Digital Currency (CBDC) and accelerating the development of a robust digital payment infrastructure. Launched on March 22, 2026, this phase significantly expands its scope, with Gyeongnam Bank and IM Bank newly joining the existing seven participating banks.

A core objective for the participating commercial banks in this phase is to utilize the experiment as a testbed for integrating 'deposit token'-based payment systems into actual services. The 'deposit token' represents a tokenized liability of a commercial bank, where traditional fiat deposits are digitally represented on a distributed ledger technology (DLT) platform. This mechanism allows for programmable money, enabling more efficient, potentially instantaneous, and atomic settlements. Instead of directly transferring balances via traditional interbank clearing networks, the transfer of these tokens on the DLT can facilitate payment finality by digitally representing a claim on a commercial bank's balance sheet. Some banks are reportedly exploring concrete applications, such as linking these token payments to their proprietary platforms and even insurance products.

The increased engagement from commercial banks in this second phase, compared to the initial stage, is attributed to a growing market expectation for digital payments, which has overcome prior concerns regarding infrastructure development costs and the absence of a clear commercialization roadmap. Industry experts view this phase as critical for assessing the future direction of digital currency adoption, with a particular focus on verifying the practical applicability and operational stability of such systems within real-world service environments.