Bank of Korea to Launch Live CBDC Transactions with Nine Banks in September
The Bank of Korea plans to begin live transactions for its central bank digital currency (CBDC) pilot in September, involving nine major banks. This marks the second phase of its CBDC program and aims to enable free trading of a digital won, according to CoinDesk.
The Bank of Korea (BOK) is set to enter the second phase of its central bank digital currency (CBDC) pilot program in September. This phase will include live transaction testing with nine prominent banks, which will utilize infrastructure provided by the BOK while managing deposit tokens necessary for transactions.
Participating banks include Gyeongnam Bank, iM Bank, and South Korea's largest financial institutions: KB Kookmin, Shinhan, Hana, and Woori Financial Group. The project's goal is to create an environment where the won can be traded freely, facilitating transactions across commercial lines at any time.
“The Bank of Korea will provide the infrastructure for the institutional CBDC, and each bank will conduct its own business using deposit tokens,” a BOK official stated. “From the second phase, we will lay the groundwork for commercialization.”
This CBDC initiative is part of a broader movement within South Korea’s financial sector, which is also preparing for the implementation of won-backed stablecoins. Reports indicate that Hana Bank is designing systems to support a future stablecoin, emphasizing readiness ahead of potential regulatory changes.
Notably, only a few countries have fully launched CBDCs, such as the Bahamas, Nigeria, and Jamaica. According to research from the Atlantic Council, while 41 countries are currently testing CBDCs, South Korea’s progress reflects its commitment to advancing its blockchain infrastructure and integrating it into public finance.
As South Korea pushes forward with its CBDC development, it also plans to update its national asset laws to classify cryptocurrencies as national assets. These efforts are likely to influence the country’s financial landscape, enhancing the potential regulatory framework for digital currencies.
Looking ahead, observers should monitor how the September launch unfolds and the subsequent implications for both traditional banking and the evolving landscape of digital currencies in South Korea.
Summary based on original reporting by Olivier Acuna at CoinDesk, originally published Jul 20, 2026. SolanaWire does not republish source content.
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