South Korea Releases Roadmap for Internationalizing the Korean Won, Plans to Issue Won-Pegged Stablecoins and Pilot Government Bond Tokenization

Odaily Planet Daily News: The South Korean government today released a "Roadmap for the Internationalization of the Korean Won," aiming to transform the won from a regulated currency into a freely convertible currency and to establish an offshore won settlement network. The Bank of Korea will launch a system tentatively named the "Offshore Won Settlement Network," which is expected to begin trial operations in September this year and officially launch in January next year. South Korea will also build digital asset payment infrastructure to lay the foundation for the issuance, distribution, and trading of won-pegged stablecoins, and plans to launch a pilot project next year to promote the tokenization of government bonds linked to the central bank digital currency (CBDC) of the Bank of Korea. Additionally, South Korea will officially join Project Agora, a cross-border digital payment initiative led by the Bank for International Settlements (BIS) that brings together the central banks of eight countries.