Bank of Korea Governor Shin Hyun-song delivered opening remarks at the BOK Conference 2026 on May 1 at the BOK annex in Jung-gu, Seoul, introducing Project Hangang as a tokenized wholesale central bank money initiative and outlining the conference agenda on monetary system innovation. The governor framed the event to address how central banks can preserve trust in money while navigating urgent policy challenges including inflation. Central banks globally face the dual task of managing short-term inflation pressures while exploring long-term evolution of monetary systems, with the conference examining historical lessons and future roles of central bank money in a two-tier system framework.
BOK Introduces Project Hangang as Next-Generation Monetary System Model
Governor Shin described Project Hangang as a tokenized form of wholesale central bank money that will serve as a next-generation model of the two-tier monetary system. MIT Professor Robert Townsend will present the theoretical foundation for the project during the conference, discussing innovations central banks have introduced while maintaining the essential role of money. The governor emphasized that money functions as a social institution and coordination mechanism, with trust preservation as the fundamental question in designing future monetary systems.
Conference Agenda Covers Historical Lessons and Technological Innovation
The conference program includes a keynote address by European Central Bank Executive Board member Isabel Schnabel on trust preservation and development of the two-tier monetary system. A policy dialogue between Schnabel and Governor Shin will follow, addressing practical monetary policy issues in Europe and Korea. MIT Professor Robert Townsend will deliver a lecture on monetary system design, with a session on the South Sea Bubble presented by economist François Velde examining fiscal-monetary policy interactions. The agenda incorporates both historical analysis dating to early central bank origins in payment systems and contemporary technological discussions.
Speakers Address Financial Stability, Digital Currency Design, and AI Applications
IMF Director Tobias Adrian will present on integrating financial stability considerations into macroeconomic models, examining how accommodative financial conditions contribute to vulnerability accumulation. Princeton Professor Markus Brunnermeier will discuss the trilemma in digital currency system design, with privacy as a key component. Purdue Professor Michael Weber will present research on central bank communication and perceptions of central bank independence, showing how survey responses vary significantly based on respondents' political leanings. Stanford researcher Sophia Kazinnik will present on artificial intelligence applications in central banking. Governor Shin noted that the Bank of Korea has developed its own domestic AI system meeting all security requirements. A policy panel moderated by Professor Townsend will conclude the two-day conference.
FAQ
What is Project Hangang announced by the Bank of Korea?
Project Hangang is a tokenized wholesale central bank money project introduced by BOK Governor Shin Hyun-song at the BOK Conference 2026 on May 1. The governor described it as a next-generation model of the two-tier monetary system, with MIT Professor Robert Townsend scheduled to present the theoretical foundation during the conference.
Who are the confirmed speakers at the BOK Conference 2026?
Confirmed speakers include European Central Bank Executive Board member Isabel Schnabel delivering the keynote address, IMF Director Tobias Adrian on financial stability, Princeton Professor Markus Brunnermeier on digital currency design, Purdue Professor Michael Weber on central bank communication, economist François Velde on the South Sea Bubble, Stanford researcher Sophia Kazinnik on AI applications, and MIT Professor Robert Townsend moderating the closing policy panel.
