Shaping Europe’s future: innovation, growth and stability

2026

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This paper details the Bank of Korea's Project Hangang, a practical implementation of the unified ledger concept, offering valuable insights into the future of digital currency and financial infrastructure.

* Explores the architecture and design choices of Project Hangang, focusing on the integration of tokenized central bank money, commercial bank deposits, and tokenized assets.
* Analyzes the "burn-and-issue" mechanism and the separation of currency and programming layers, highlighting their role in preserving the singleness of money and enabling programmability.
* Discusses the outcomes of Phase I live retail transactions and outlines future plans, including the tokenization of government bonds and cross-border interoperability.

Tags: unified ledger, tokenization, central bank digital currency, Project Hangang, financial innovation

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