Business · Economy · 3 hrs ago
Bank of Korea chief says Project Hangang poses no privacy surveillance risk
Bank of Korea Governor Shin Hyun-song said Project Hangang does not create a risk of surveillance of personal information.
He spoke at a parliamentary audit in Seoul on Oct.
12.
Shin said the Bank of Korea has not considered a general-purpose central bank digital currency since 2023.
He described Project Hangang as a system for institutional digital money that tokenizes the existing two-tier monetary system.
In that system, financial institutions continue to act between the central bank and the public.
Shin said the project includes safeguards and is designed to be secure, including in light of recent hacking incidents involving artificial intelligence.
The project’s stated focus is institutional use, rather than a digital currency for general public use.
Bank of Korea Governor Shin Hyun-song said Project Hangang poses no risk of privacy surveillance.
He said the project is focused on institutional digital currency, not a general-purpose central bank digital currency.
Shin described the project as tokenising the existing two-tier monetary system.
He said the project has safeguards and is considered stable even in light of recent AI-enabled hacking incidents.
Shin made the remarks during a parliamentary audit in Seoul on October 12.
- Who
- Bank of Korea Governor Shin Hyun-song.
- What
- He said Project Hangang poses no privacy surveillance risk and is not a general-purpose CBDC project.
- When
- October 12, 2026.
- Where
- At the Bank of Korea in central Seoul.
- Why
- He was responding to a lawmaker’s question about claims that Project Hangang is an attempt to introduce a CBDC.
This story does not have two clearly opposing sides.
There are no concerns about privacy surveillance related to Project Hangang.
The Bank of Korea has not considered a general-purpose CBDC since 2023.
The project currently being pursued, Project Hangang, is a process of tokenising the existing two-tier monetary system, centered on institutional digital currency.
Project Hangang has put in place several safeguards. Even considering recent hacking incidents using AI, it is quite stable.
The Bank of Korea has not considered a general-purpose CBDC, according to Shin.
Shin addressed Project Hangang during a parliamentary audit at the Bank of Korea in Seoul.
- Project
- Hangang
- Governor
- Shin Hyun-song
- Statement date
- October 12, 2026
- CBDC policy
- The Bank of Korea has not considered a general-purpose CBDC since 2023
- Project focus
- Institutional digital currency and tokenising the existing two-tier monetary system
Sources
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