Korea Pushes CBDC Integration into Mobile Banking and Accounts

South Korea's central bank initiative to develop a Central Bank Digital Currency (CBDC) has reached an advanced stage. The country's existing mobile banking and account infrastructure is being integrated with the digital currency system, a key component of 'Project Hangang'. Participating banks will issue deposit tokens secured by the Bank of Korea's wholesale CBDC, which customers can use through e-wallets integrated into their banking applications.

The new phase of the project includes developing digital voucher systems, e-wallets, and blockchain-based platforms that can be directly integrated with accounting, interest calculations, transfers, withdrawals, and other crucial banking functions. This is a significant expansion on the initial phase, where banks only issued deposit tokens for limited payment trials.

According to a financial industry official, Phase 2 of Project Hangang connects digital currency with bank account systems, mobile banking, electronic wallets, and treasury operations. The initiative signals a push toward real-world usability, moving beyond pilot tests into practical applications.