BGF Retail Joins CBDC Deposit Token Pilot with Bank of Korea and Hana Bank

BGF Retail, the operator of the CU convenience store chain, signed a memorandum of understanding with Hana Bank and the Bank of Korea (BOK) on April 2, 2026, to pilot deposit token payments across its network of approximately 18,800 stores.

The initiative is part of Project Han River, a central bank digital currency (CBDC) and deposit token pilot program. The project is jointly overseen by the Bank of Korea, the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS).

Implementation and Retail Integration

BGF Retail has optimized its existing point-of-sale (POS) systems to facilitate these payments without creating additional operational burdens for store owners. Customers will be able to complete transactions at CU stores by scanning QR codes or barcodes using deposit tokens linked to their banking applications.

As part of the rollout, BGF Retail intends to introduce payment incentive programs for customers who utilize deposit tokens for their purchases.

This agreement will be an important turning point for convenience stores, the closest consumer channel in daily life, to expand a new payment ecosystem based on digital currency

BGF Retail Vice Chairman Hong Jeong-guk

Hong Jeong-guk stated that CU will continue to expand innovative services to remove boundaries between retail and finance using the company’s infrastructure.

Project Han River Phase 1 Results

The current pilot follows the first phase of Project Han River, which ran from October 2023 through August 2025. During this initial period, live retail trials were conducted between April and June 2025.

According to data from the first phase, approximately 81,000 electronic wallets were opened, and 114,880 transactions were processed. Consumers were permitted to hold up to 1 million won in tokenized deposits, which could be spent at selected coffee chains, bookshops, online retailers, and convenience stores.

The first phase also tested three specific digital voucher programs:

• A Seoul youth culture pass
• A Busan university scholarship
• A Daegu library voucher

Transition to Phase 2

The Bank of Korea formally launched the second phase of Project Han River on March 18, 2026. This phase aims to lay the groundwork for commercialization and expand participation to nine banks.

The transition to the second phase followed a period of friction in mid-2025. Reports indicate that seven participating banks spent a collective 35 billion won (approximately $23 million) on trials. During this time, some banks expressed concerns regarding trial costs and became focused on separate stablecoin initiatives.

The project resumed momentum by early September 2025 after BOK Governor Rhee Chang Yong met with bank CEOs to secure their participation. The central bank identified a primary use case for the technology: the disbursement of government grants totaling 110 trillion won (approximately $73 billion) using tokenized deposits.