Digital won goes live: Bank of Korea starts real transactions with nine banks in September

South Korea’s central bank is moving its digital currency project out of the lab. In September, phase two of the Bank of Korea’s pilot begins live transactions with nine commercial banks — the roster includes KB Kookmin, Shinhan, Hana and Woori, with Gyeongnam Bank and iM Bank among the newcomers. The BOK supplies the blockchain infrastructure; the banks issue and manage deposit tokens on top of it. For the first time, retail customers will be able to move tokenized won across institutions, at any hour of the day. “From the second phase, we will lay the groundwork for commercialization,” a central bank official said.

The push has backing at the top: Governor Shin Hyun-son, in office since April, has made the CBDC a priority. Hana Bank is meanwhile building infrastructure for won-backed stablecoins, and lawmakers are overhauling how the country classifies crypto assets. Worldwide, only the Bahamas, Nigeria and Jamaica have fully launched a CBDC so far.

For crypto watchers, the real story is the race itself: state digital money and private won stablecoins are now being built side by side — worth tracking both if you invest in the region.