Bank of Korea’s CBDC Trial Lacked Independent Security Audits: Report

• Report says BOK’s first CBDC pilot had no independent security audits.
• Security reviews relied mainly on self-assessments by participating banks.
• Project Hangang enters Phase 2 with nine banks and real subsidy payments.

The Bank of Korea’s first central bank digital currency (CBDC) pilot was carried out without formal inspections during or after the trial, according to data submitted by South Korea’s Financial Supervisory Service (FSS). 

The only security checks conducted before the pilot began relied largely on self-assessments by participating banks, raising questions over independent oversight as the central bank prepares to expand the project.

The findings come just weeks before the Bank of Korea is expected to launch the second phase of Project Hangang, a larger CBDC pilot that will include nine banks, as many as 500,000 users, and real government subsidy p…

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