Key takeaways

• Cardano trades near $0.207 after falling more than 8% during the previous week.
• ADA’s long-to-short ratio of 0.88 indicates bearish positioning among derivatives traders.
• The funding rate turned positive at 0.0052%, showing a mild bullish bias despite the elevated short positioning.
• ADA must hold the $0.199-to-$0.200 support zone to avoid a decline toward $0.195, $0.173, or $0.150.

Cardano (ADA) traded near the critical $0.200 support zone on Monday after declining more than 8% during the previous week.

Although ADA remains above two important short-term moving averages, mixed derivatives data and sell-side pressure from large traders suggest that recovery attempts could encounter resistance at higher levels.

ADA long-to-short ratio signals bearish sentiment

Cardano’s derivatives indicators present a cautious and somewhat conflicting outlook.

CoinGlass data shows ADA’s long-to-short ratio at 0.91, close to its lowest level in a month. A reading below one indicates that traders hold more short positions than long positions, reflecting expectations of further price weakness.

However, Cardano’s funding rate turned positive on Monday, reaching 0.0052%. Positive funding means long-position holders are paying shorts, suggesting that some traders are positioning for a price recovery.

The contrast between the bearish long-to-short ratio and positive funding rate points to uncertainty rather than a clear directional consensus.

CryptoQuant’s market summary also signals caution. Large whale orders are appearing in ADA’s futures market, but sell-side activity remains dominant. 

Both spot and futures markets are also showing signs of increased trading activity or “heating,” while several other indicators remain neutral.

Together, these factors suggest volatility could rise around the current support area. However, the dominance of large sell orders leaves Cardano exposed to further downside if buyers fail to defend $0.200.

Cardano holds above key moving averages

ADA traded at approximately $0.207 on Monday, remaining slightly above its 50-day exponential moving average at $0.199 and its 100-day EMA at $0.200.

Holding above these indicators gives Cardano’s short-term technical structure a mildly constructive tone despite the broader downward trend.

The Relative Strength Index stands at 50, indicating balanced momentum and consolidation. Meanwhile, the Moving Average Convergence Divergence indicator remains slightly negative, showing that bullish momentum has not yet strengthened enough to confirm a recovery.

Cardano’s immediate resistance sits at the 50% Fibonacci retracement level of $0.213. A move above that level could allow ADA to test the 61.8% retracement at $0.231.

Additional barriers are located at $0.236, the 200-day EMA near $0.240 and the horizontal resistance level at $0.245. ADA would need to break decisively through this cluster to improve its medium-term outlook.

A sustained move above $0.245 could bring the more distant $0.299 resistance level into focus.

Conversely, losing the 50-day and 100-day EMAs near $0.200 would expose the 38.2% Fibonacci retracement at $0.195. A deeper correction could then target the structural support levels at $0.173 and $0.150.

Key takeaways

• Pi Network traded above $0.097 on Monday after recording gains for two consecutive weeks.
• The Pi Core Team released SoloHost updates and Pi Desktop version 0.6.3 to improve reliability, app discovery, and developer tools.
• PI remains above its 50-day EMA at $0.094, while the RSI near 60 signals improving bullish momentum.

Pi Network (PI) extended its recovery on Monday, trading above $0.097 following two consecutive weeks of gains.

New ecosystem updates and improved developer tools are strengthening the network’s utility. However, PI continues to trade below major long-term exponential moving averages, leaving its broader technical outlook bearish despite improving momentum.

Pi Network releases SoloHost and Desktop updates

The Pi Core Team recently released updates for SoloHost alongside version 0.6.3 of Pi Desktop.

SoloHost updates have been released alongside Pi Desktop version 0.6.3! This improves app discovery, reliability, and developer tools.

Pioneers can more easily discover actively used SoloHost apps. Reliability improvements and developer resources, such as AI agents… pic.twitter.com/67SXkf4CMp

Advertisement

— Pi Network (@PiCoreTeam) September 10, 2026

According to the project, the updates improve application discovery, platform reliability, and the tools available to developers building within the Pi Network ecosystem.

Continued development could support greater application activity and expand PI’s utility. These improvements have accompanied the token’s recent recovery, with PI gaining 1.68% last week before extending its advance on Monday.

However, ecosystem developments will need to translate into sustained user activity and demand for the token to support a stronger long-term recovery.

PI holds above the 50-Day EMA

Pi Network traded near $0.097 on Monday, remaining slightly above its 50-day exponential moving average at $0.094.

Holding above this indicator gives PI’s short-term outlook a mildly bullish tone. The Relative Strength Index stands near 60, indicating that buying momentum is improving without reaching overbought territory.

The Moving Average Convergence Divergence indicator is also marginally positive, supporting the possibility of further short-term gains.

Nevertheless, the recovery remains tentative because PI continues to trade below its 100-day and 200-day EMAs. These indicators currently stand near $0.105 and $0.138, respectively, preserving the token’s broader bearish structure.

PI’s first major resistance is located at the 100-day EMA near $0.105. A sustained break above this level could strengthen the recovery and open the way toward the horizontal resistance at $0.118.

Beyond that, the 200-day EMA near $0.138 represents a more substantial obstacle. Reclaiming this indicator would be necessary to improve PI’s medium- to long-term technical outlook.

Failure to overcome the $0.105 resistance could leave the token consolidating around its current level or expose it to renewed selling pressure.

Immediate support sits at the 50-day EMA near $0.094. Holding this level would preserve PI’s improving short-term structure and allow buyers another opportunity to challenge overhead resistance.

A decisive decline below $0.094 could weaken the recovery and bring the horizontal support at $0.075 into focus.

If selling pressure intensifies, PI could revisit the former trendline-break area near $0.045, which represents a deeper structural support level.

US spot Bitcoin exchange-traded funds (ETFs) saw a sharp weekly reversal, posting $462.7 million in net outflows after three straight weeks of inflows. The shift came across all four trading sessions from Tuesday through Friday, according to data from Farside Investors, with the selling extending the slide into a fourth consecutive day.

Ether ETFs moved in the opposite direction over the same period, recording nearly $197 million in net inflows. Farside Investors reported that US spot Ether products drew $196.9 million during the four-day window, even as flows were choppy earlier in the week.

Key takeaways

• US spot Bitcoin ETFs recorded $462.7 million net outflows for the four-session week, reversing a three-week inflow streak.
• Bitcoin ETF outflows were broad-based across sessions, with Thursday’s $282.7 million withdrawal the largest daily outflow since July.
• Despite the weekly reversal, spot Bitcoin ETFs remain net positive for September, with $307.3 million in inflows through Friday.
• US spot Ether ETFs delivered $196.9 million in net inflows, led on Friday by BlackRock’s iShares Ethereum Trust ETF with $148.8 million.

Bitcoin ETFs reverse course after three-week inflow run

According to Farside Investors, Bitcoin ETF outflows unfolded across every session from Tuesday to Friday. The withdrawal week followed what the market data described as the strongest three-week inflow stretch of 2026, which ended after funds shed $166.8 million during the first two days of the holiday-shortened week.

The pressure intensified on Thursday, when US spot Bitcoin ETFs posted net outflows of $282.7 million—reported as the largest daily withdrawal since July. Friday’s outflow slowed to $13.2 million, but SoSoValue data indicates it still extended the streak of negative daily flows to four trading days.

That combination—one very large day followed by continued (though smaller) withdrawals—helps explain why the weekly total turned decisively negative. Investors watching ETF flows typically treat these reversals as short-term signals of changing risk appetite, especially when they break prior momentum rather than merely pausing inflows.

Which funds drove weekly Bitcoin outflows

Farside Investors’ breakdown shows that ARK 21Shares’ Bitcoin ETF led the weekly withdrawals with $234.2 million in net outflows. Grayscale’s Bitcoin Trust ETF followed with $129.1 million.

BlackRock’s iShares Bitcoin Trust ETF also saw withdrawals, losing $52.5 million over the week. Fidelity’s Wise Origin Bitcoin Fund recorded net outflows of $50.7 million. Together, the results suggest the reversal was not isolated to a single product—multiple major issuers posted negative weekly flow.

While daily volatility can be normal for ETF baskets, the fact that several large operators posted sizable weekly declines is notable for traders who monitor whether outflows are concentrated (often linked to specific investor behavior) or distributed across the complex.

Broader flow picture: still net positive for September

Even after the weekly reversal, spot Bitcoin ETFs remain in positive flow territory for the month. According to the report, through Friday these products have accumulated about $307.3 million in net inflows for September.

That matters because it changes how the week’s news may be interpreted. A negative week can reflect temporary positioning or macro-driven caution, but a still-positive month indicates that large inflows have not fully disappeared across the broader period. For market participants, the key question going forward is whether the ETF complex can stabilize its daily flows before monthly net gains start to erode.

Ether ETFs turn positive with strong Friday inflows

On the Ether side, US spot Ether ETFs recorded $196.9 million in net inflows over the same Tuesday-to-Friday period, per Farside Investors. The week’s flow pattern looked more uneven earlier, with $24.3 million in outflows on Tuesday, $34.7 million in inflows on Wednesday, and $29.9 million in outflows on Thursday.

Friday marked the turning point. The Ether funds drew $216.4 million in net inflows, flipping the four-day total into positive territory despite the earlier back-and-forth.

Product leadership also differed by day. BlackRock’s iShares Ethereum Trust ETF drove Friday’s inflows with $148.8 million, while 21Shares Core Ethereum ETF added $29.1 million. In practice, such leadership changes can help investors gauge where incremental demand is showing up within the Ether ETF lineup.

Overall, the contrast between Bitcoin’s outflows and Ether’s inflows in the same calendar window underscores how different investor demand can be across the two major spot ETF ecosystems. Rather than assuming flows will always move together, traders often watch whether capital rotates between Bitcoin and Ether depending on positioning, risk appetite, and broader market sentiment.

Looking ahead, the next signals to monitor are whether Bitcoin ETF outflows persist after the Thursday-heavy withdrawal day and whether Ether’s strong Friday inflow momentum can sustain through the following week—because the month-to-date net picture remains supportive for Bitcoin while Ether’s reversal will be tested by the next few sessions’ flow consistency.

A Hong Kong man in his 70s has lost more than HK$13 million ($1.67 million) after a self-described cryptocurrency investment expert contacted him through WhatsApp and directed him to a fake trading app.

Hong Kong police said the case was among more than 40 investment scams recently reported to authorities, with victims losing a combined total exceeding HK$50 million.

The latest case began when the elderly man received an unsolicited WhatsApp message from someone claiming to be a cryptocurrency investment expert from Singapore. The person introduced him to what was presented as a crypto platform offering favorable exchange rates, low fees and withdrawals at any time.

Following the instructions he received, the man opened a cryptocurrency wallet and purchased Tether (USDT) and Ethereum (ETH). He was then told to download an investment application supplied by the scammer and transfer the cryptocurrency to designated wallet addresses as investment capital.

Fake crypto investment app showed profits before withdrawals failed

Once the funds had been transferred, the fraudulent application displayed what appeared to be continuing investment profits, according to police.

Seeing his account balance rise inside the app, the victim became less suspicious and continued sending more cryptocurrency to the wallets provided by the scammer. The fraud only became clear when he tried to withdraw his funds and was repeatedly prevented from doing so under different pretexts.

By the time the victim realized the investment platform was fraudulent, his losses had exceeded HK$13 million.

Police disclosed the case through their CyberDefender social media page while warning residents against unsolicited investment advice and promises of large profits. Authorities urged investors not to download investment applications from unknown sources and to verify platforms through official channels before transferring funds.

The case follows another incident involving a Hong Kong retiree who was targeted through a similar approach earlier this year. In March, crypto.news previously reported that a 66-year-old retired man lost HK$6.6 million across three cryptocurrency scams after fraudsters approached him while posing as investment experts.

One of the schemes began with a WhatsApp message in September 2025. The victim was directed toward cryptocurrency investments and ultimately lost his savings after transferring funds under the scammers’ instructions.

Hong Kong crypto scams have used fake platforms to build trust

Fake balances and apparent investment returns have surfaced repeatedly in crypto fraud cases in Hong Kong.

In August, a woman in the city reportedly lost around $3.3 million after an online romantic partner directed her to a fraudulent crypto platform. The platform displayed supposed returns of more than 800% before withdrawals were blocked.

Hong Kong authorities recorded 25 romance-linked investment fraud cases during the week ending July 30, with combined reported losses approaching $9 million.

A separate investigation into the Fun Coffee investment scheme has involved a larger group of victims. By Aug. 6, police had received 255 reports connected to the Fun Coffee crypto scam, with reported losses reaching approximately HK$104 million.

Participants in the scheme were instructed to download an application, register accounts and transfer cryptocurrency, primarily USDT, to designated wallet addresses. Investors were offered different deposit plans carrying advertised annual returns of roughly 197% to 278%, according to police analysis.

Some users were initially able to withdraw small amounts, which investigators said reduced suspicion and encouraged larger deposits. Withdrawals stopped after the application ceased operating on July 20, while customer service channels stopped responding.

USDT remains common in investment scam payments

USDT has frequently appeared in crypto investment fraud because victims can be instructed to buy the stablecoin before transferring it directly to wallets controlled by scammers.

A Sept. 4 analysis from the U.S. Treasury’s Financial Crimes Enforcement Network linked approximately $12.7 billion in suspicious financial activity to digital asset investment scams largely associated with overseas scam compounds.

FinCEN reviewed 33,904 Bank Secrecy Act reports filed between September 2023 and December 2025. Money services businesses, most of them cryptocurrency companies, accounted for 55% of the reports and identified $5.5 billion in suspicious activity, while banks reported another $6.4 billion.

The agency found that scammers used at least 22 digital assets. Proceeds were commonly converted into stablecoins and almost exclusively into USDT before being transferred through decentralized finance protocols or overseas exchanges.

Hong Kong authorities have meanwhile continued warning residents about fraudulent websites and applications designed to imitate legitimate financial services. In July, Hong Kong Interbank Clearing Limited identified counterfeit websites using virtual wallets and cash reward offers to obtain users’ personal and banking information.

The fraudulent sites falsely presented themselves as connected to official services and attempted to persuade users to complete purported identity verification procedures. HKICL said the websites had no connection to the clearing company.

Police, in their latest warning, told residents not to trust people presenting themselves as investment experts with supposed methods for generating large profits. Investors were advised to avoid unknown investment applications and confirm a platform’s authenticity through official sources before committing funds.

The foreign exchange market is heading into a busy week, with the Federal Reserve meeting on 15–16 September, followed by the Bank of England’s rate decision on 17 September. This sequence of central bank meetings, rather than individual macroeconomic releases, is shaping the current fundamental backdrop for the pound. Ahead of the decisions from the two major central banks, market participants are likely to remain cautious as they assess the future direction of monetary policy in the US and UK.

GBP/USD Technical Analysis

On the GBP/USD four-hour chart, a pronounced short-term downtrend developed between 21 August and 2 September, pushing the pair towards the green support level at 1.3475. From this low, the price began to recover, forming a rising wedge in which both boundaries slope upwards, although the lower boundary is rising at a faster pace. On 10 September, the price attempted to break below the wedge’s lower boundary, but the move has so far remained within the current market profile, with the price holding between its upper boundary at 1.3545 and the Point of Control (POC) at 1.3515.

If the breakout proves false and the price moves through the profile’s upper boundary, the red resistance level around 1.3570 could halt the advance. If the price does continue lower and breaks through both the POC and the profile’s lower boundary at 1.3500, market participants could turn their attention to the green support level at 1.3475. The RSI + MAs indicator shows readings of 48, 46 and 47, with all three measures sitting in the middle of the neutral zone, making it too early to confirm the breakout.

Key Takeaways

The attempted wedge breakout has yet to develop beyond the profile, while neutral RSI + MAs readings provide no clear indication of the next direction. More pronounced price action in the pair is likely to emerge as the Bank of England’s rate decision approaches.

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PayPay has added UnionPay QR payments across participating Japanese merchants while SMBC has begun deploying an OpenAI-powered interpreter to bank employees.

PayPay said in a Sept. 3 release that UnionPay App users can now pay through its merchant network using the HIVEX payment platform. Sumitomo Mitsui Banking Corporation announced its separate SMBC-Interpreter rollout on Sept. 11.

The two companies have not announced a partnership between the products. PayPay’s expansion concerns payments made by overseas visitors, while SMBC’s application handles spoken communication between bank employees and customers.

PayPay brings UnionPay QR into its merchant network

Travelers can register UnionPay cards issued in mainland China, Hong Kong or Macau within the UnionPay App. At participating PayPay merchants, they can scan or present a payment code to complete purchases through the HIVEX network.

PayPay said the service can be used for purchases such as meals, accommodations and souvenirs. Prices appear in Japanese yen at the merchant, while the customer’s application calculates the amount in their home currency.

HIVEX connects domestic merchants to overseas mobile-payment services without requiring separate technical integration for every wallet. TBCASoft, which operates the platform, said UnionPay App payments became available at HIVEX-enabled PayPay locations in early September.

TBCASoft described the service as reaching more than 500 million linked UnionPay card users. The figure represents cards linked across UnionPay’s issuing network, not confirmed users of PayPay merchants in Japan.

Merchant availability can depend on a location’s PayPay and overseas-payment settings. PayPay’s use of “nationwide” refers to supported merchants across Japan and does not establish that every business accepting PayPay can process UnionPay App payments.

UnionPay’s international page says its QR service is accepted across 44 countries and regions outside mainland China. UnionPay reports more than 1.5 million overseas merchants, though the company does not provide a Japan-specific merchant total on that page.

PayPay says overseas payment coverage reaches 17 markets

Following the UnionPay integration, PayPay said its merchants can receive payments from 36 overseas cashless services representing 17 countries and regions. The company calculated that the supported markets account for approximately 80% of international visitors to Japan.

PayPay’s 80% figure concerns the countries and regions represented by its supported payment services. It does not mean 80% of overseas visitors have used the platform or completed a payment at a PayPay merchant.

A previous company announcement from October 2025 listed 28 overseas services across 14 countries and regions. PayPay said transaction value generated by overseas cashless services during fiscal 2024 was roughly three times its fiscal 2019 level. The company did not disclose the underlying yen totals.

The latest expansion adds another option for visitors from China, Hong Kong and Macau without requiring them to download PayPay. Card registration, account controls and transaction records remain within the UnionPay App.

PayPay has said it plans to pursue more agreements with overseas payment providers. No timetable, target market list or forecast for UnionPay transaction volume accompanied the September release.

SMBC uses GPT-Live-1 for live bank translation

In a separate Sept. 11statement, SMBC said it had developed SMBC-Interpreter for employees who need to communicate in foreign languages. The bank has started introducing the application in phases.

SMBC-Interpreter listens to speech and generates a translated voice response using OpenAI’s GPT-Live-1 model. Translated text appears on the screen at the same time, allowing employees and customers to review the wording during a conversation.

The bank said the dual output can help when a spoken exchange is difficult to follow. Employees can use the displayed text to confirm information while explaining services or checking operational instructions with customers.

SMBC described the application as an internal support tool. Its announcement did not identify supported languages, participating branches or the number of employees receiving access during the initial deployment.

No accuracy rate, response-time measurement or comparison with human interpreters appeared in the release. SMBC did not say whether staff must obtain human-language support for certain contracts, disclosures or regulated procedures.

The bank said neither the original audio nor the generated translation is stored in the application or connected external services. SMBC stated that the content is not used to train AI models. The release did not identify an external audit of those controls.

The deployments follow separate digital finance programs

SMBC’s interpreter joins the bank’s other work involving AI and digital finance, but the application does not process payments or digital assets. It is designed for communication during banking services.

As crypto.news reported in related coverage, Japan’s AI and blockchain finance proposal supports tokenized deposits and yen stablecoins. The proposal named SMBC, MUFG and Mizuho among institutions working on settlement systems, though it is separate from the employee translation application.

PayPay’s UnionPay connection uses conventional card-linked mobile payments. Neither PayPay nor TBCASoft described the system as a cryptocurrency, stablecoin or blockchain product.

No verified market reaction could be tied specifically to either announcement. PayPay is owned by LY Corporation and SoftBank Group interests, while SMBC operates within Sumitomo Mitsui Financial Group. Neither parent company issued a filing that quantified expected revenue, costs or earnings from these deployments.

UnionPay QR payments are already available at participating PayPay locations. SMBC said its interpreter is entering phased use, but the bank provided no completion date or public access plan.

South Korea’s People Power Party has opposed any central bank digital currency rollout without legal safeguards covering privacy, spending controls and consumer choice.

Digital Asset reported on Sept. 14 that party leader Jang Dong-hyeok published the position on Facebook one day earlier. His statement arrived as the Bank of Korea advanced the second phase of Project Hangang, its digital-currency and tokenized-deposit testing program.

“I strongly oppose the introduction of CBDC until legal and institutional safeguards are perfectly established so that the public can feel safe,” Jang said.

The conservative People Power Party sits in opposition to President Lee Jae Myung’s Democratic Party government. Jang took control of the party in August 2025 following its defeat in that year’s presidential election.

People Power Party questions CBDC transaction controls

Jang said payment convenience and efficiency did not justify proceeding before lawmakers settled questions about privacy and individual control. He asked how far authorities could trace citizens’ transactions and whether digital money could restrict where funds are spent.

His statement raised the possibility that programmable currency could carry expiration dates or other conditions. Jang asked whether people would retain a right to choose their preferred form of money if South Korea introduced a central bank digital currency.

“While there is a view that CBDC is a new technology capable of enhancing payment convenience and efficiency, we should not rush into it solely because of its convenience,” he said.

No evidence cited in the statement showed that the Bank of Korea had proposed expiration dates for every consumer payment or sought to eliminate cash. Jang framed the questions as safeguards that policymakers should resolve before formal adoption.

The party has taken separate positions against parts of the government’s digital-asset agenda. Digital Asset reported that it opposes proposed ownership limits for major shareholders under the planned Digital Asset Basic Act and favors suspending or removing cryptocurrency taxation.

South Korea’s digital-asset legislation remains under negotiation. As crypto.news reported, lawmakers have sought to advance the Digital Asset Basic Act while regulators debate stablecoin issuers, reserve rules and supervisory authority.

Project Hangang does not give consumers central-bank accounts

Official Bank of Korea materials describe Project Hangang as infrastructure built around an institutional, or wholesale, CBDC. Financial institutions use the central-bank component, while consumers interact with deposit tokens issued by commercial banks.

A retail CBDC would normally represent a direct claim on a central bank and be available for public use. Project Hangang’s consumer-facing tokens remain claims connected to deposits at participating commercial banks.

During the first phase, users converted money from bank accounts into deposit tokens through participating banks’ mobile applications. They spent the tokens through QR-code payments at approved physical and online merchants. Seven banks participated in the initial public test: KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Industrial Bank of Korea, NongHyup Bank and Busan Bank. The trial ran from April through June 2025 and allowed up to 100,000 adults to apply.

The Bank of Korea said the pilot was not a formal introduction of digital currency. Participating banks offered the deposit tokens under South Korea’s financial regulatory sandbox. Project Hangang tested programmable public vouchers connected to youth culture, child care and support for students or small businesses. Conditions attached to such vouchers limited their use to designated purposes, following rules set for each public program.

Jang’s questions about restricted spending therefore concern capabilities that have appeared in the voucher tests. Bank of Korea documents do not say those restrictions would apply to every deposit token or conventional bank balance.

Second phase expands deposit-token transfers

The Bank of Korea formally announced Project Hangang’s second phase on March 18, 2026. The program expands participation from seven banks to nine, adding BNK Kyongnam Bank and iM Bank. Phase two includes peer-to-peer transfers, biometric authentication and automated movement between deposits and token wallets. The pilot is expected to increase the number of available wallets from 100,000 to as many as 500,000.

Public-sector uses under examination include government subsidies, electric-vehicle charging support and operational spending by government bodies. The tests are intended to assess whether programmable payments can enforce conditions set for a specific grant or voucher.

Crypto.news previously reported that South Korean authorities connected nine banks and major merchants to a 9.6 billion won program supporting deposit-token payments through existing retail infrastructure.

The Bank of Korea has kept wholesale CBDCs, deposit tokens and private stablecoins within separate policy categories. Deposit tokens represent commercial-bank liabilities recorded on infrastructure supported by tokenized central-bank reserves. Stablecoins depend on assets held by a private issuer under a different legal structure.

South Korea’s policy roadmap paired deposit-token testing with planned stablecoin rules. The central bank has argued that regulated bank consortiums should initially lead won-denominated stablecoin issuance.

Bank of Korea continues CBDC research without issuance decision

Bank of Korea Governor Shin Hyun-song backed continued work on CBDCs and deposit tokens when he began his four-year term in April. His inaugural speech placed Project Hangang and the Bank for International Settlements’ Project Agora within the central bank’s digital-payment plans.

As crypto.news reported, Shin supported expanding Project Hangang’s second phase while promising to protect payment and settlement stability. The speech did not announce a retail CBDC launch.

The central bank says it continues researching privacy technology and offline payments for a possible general-purpose CBDC. Its public materials do not set an issuance deadline or confirm that South Korean residents will receive direct accounts with the Bank of Korea. Jang compared South Korea’s direction with U.S. policy, where President Donald Trump directed federal agencies in January 2025 not to establish, issue or promote a CBDC. He said Japan had remained cautious, though the Bank of Japan continues technical experiments without deciding whether to issue a digital yen.

Project Hangang’s second phase is expected to test expanded deposit-token functions beginning in 2026. The Bank of Korea has not announced that the pilot will automatically proceed to nationwide commercial adoption when testing ends.