BoK Chief Urges Korean Banks to Back CBDC Pilots in One-on-One Meetings (Image courtesy of Getty Image Bank/CCL)
SEOUL, May 22 (Korea Bizwire) – In an unusual move underscoring the strategic importance of South Korea’s digital currency initiatives, Bank of Korea Governor Rhee Chang-yong has personally visited the heads of the country’s major commercial banks, urging their active participation in two key central bank digital currency (CBDC) pilot projects.
According to industry sources, Rhee recently met one-on-one with the CEOs of KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and Industrial Bank of Korea. These private meetings, each lasting around 30 minutes, represent a rare deviation from the central bank’s typical group-based engagements with financial institutions.
Governor Rhee’s visits are part of a broader effort to ensure successful domestic implementation of Project Agora, a cross-border settlement initiative co-led by the Bank of Korea, the Bank for International Settlements (BIS), and central banks from the U.S., U.K., Japan, France, Switzerland, and Mexico.
The project tests wholesale CBDC and tokenized deposits to explore improvements in international payment systems. Six Korean banks and 37 global financial institutions are currently participating.
Bank of Korea (BOK) Gov. Rhee Chang-yong speaks to reporters at a hotel in Milan on May 6, 2025. (Image courtesy of the Bank of Korea )
Sources say Rhee emphasized the benefits banks could reap from the project, such as lower operating costs and reduced legal complexities in foreign exchange operations. He also encouraged bank leaders to view the initiative not just as a regulatory experiment, but as a practical stepping stone toward the future of financial infrastructure.
In addition, Rhee promoted Project Hangang, a domestic pilot that involves converting bank deposits into tokenized forms linked to the CBDC for everyday retail payments. Around 100,000 participants are currently engaged in the ongoing experiment, which began recruitment last month.
Following these individual visits, Rhee is expected to host a roundtable discussion on May 26 with all six bank CEOs, joined by Timothy Adams, President of the Institute of International Finance (IIF), who is visiting Seoul.
The meeting will include updates on Project Agora’s progress and explore broader topics, such as the issuance of a won-based stablecoin and the evolving role of central banks in ensuring financial stability.
A senior commercial bank official remarked, “Governor Rhee placed strong emphasis on the potential of Projects Agora and Hangang to reshape the future of payments. His personal outreach is clearly aimed at deepening industry buy-in ahead of the next phase.”
Bank of Korea Governor Personally Urges Banks to Join CBDC Pilot (Image supported by ChatGPT)
M. H. Lee (mhlee@koreabizwire.com)
