Korea's 2030 target is 25% of its ~$499B national budget flowing through deposit tokens — that's roughly $125B in government spend moving to programmable rails where you can hardcode spending rules, auto-enforce budgets, and make every won traceable. Project Hangang Phase 2 already has nine banks testing won-pegged deposit tokens on a wholesale CBDC layer, and the BOK explicitly calls this "an intermediate stage between a CBDC and stablecoins" — they're sidestepping the retail CBDC privacy debate entirely by letting commercial banks issue the tokens while the central bank only handles interbank settlement. Starting with EV charging subsidies (₩30B pilot) is strategic because subsidy fraud is one of the easiest wins to demonstrate ROI, but the endgame here is replacing the entire government purchasing card system with programmable money that self-audits.

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