BOK governor rules out retail CBDC despite internal report findings

Bank of Korea Governor Shin Hyun-song stated that the central bank is not pursuing a retail central bank digital currency for the general public. However, an internal report described Project Hangang as the world’s first instance of deposit tokens issued on a distributed ledger-based digital currency system, utilized by the public in real transactions. Materials received by People Power Party lawmaker Kim Sang-hoon from the Bank of Korea on Oct. 15, along with the central bank’s 'first real transaction pilot results report,' indicated that the project was assessed in this manner. This assessment contrasts with Shin’s comments during a parliamentary audit on Oct. 12, where he dismissed the possibility of a retail CBDC.

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