114k Transactions Processed Without Audit in South Korea CBDC Pilot

Woofun AI reports that the completion of Project Hangang by Woori Bank and NH Nonghyup Bank has ignited controversy after the South Korea CBDC pilot operated without an independent security audit.

The pilot phase processed 114,880 transactions across 81,000 digital wallets and 12,000 merchants. Internal teams managed the operation, noting that 42% of users completed payments within a budget of 30 billion to 35 billion won. Officials asserted that pre-launch evaluations were sufficient, relying on these internal assessments for security validation.

Woofun AI data shows that officials claim the pilot builds public trust beyond mere technological verification.

However, critics argue that allowing banks to create, test and certify the security of its own CBDC system compromises integrity. Unlike a decentralized cryptocurrency, this infrastructure functions as a programmable state control tool where self-certification raises significant oversight concerns.

Future expansion involves Gyeongnam Bank, iM Bank, and nine institutions targeting 500,000 users with 10 million won limits. Features include person-to-person transfers, biometric authentication, automatic top-ups, and programmable government subsidy payments. This enables precise tracking of when, where, and on what subsidies are spent, solidifying a comprehensive financial control architecture.