South Korea has released a "won internationalization roadmap" aimed at shifting the Korean won from a regulated currency toward a freely convertible one, according to ETNews as cited by ChainCatcher. A central part of the plan is the creation of an offshore won settlement network, a provisional-name system that the Bank of Korea is expected to pilot in September this year and formally launch in January next year. The roadmap also includes digital-asset payment infrastructure designed to support the issuance, distribution, and trading of won-denominated stablecoins. In parallel, the government plans to begin a pilot next year to advance tokenized government bonds linked to the Bank of Korea’s wholesale central bank digital currency, or CBDC. South Korea is also set to officially join Agora, the cross-border digital payments project led by the Bank for International Settlements that brings together eight central banks. The plan outlines a broader push to expand the won’s role in international settlement while connecting that effort with digital asset payment rails and official-sector tokenization initiatives.
South Korea has released a “won internationalization roadmap” aimed at moving the Korean won from a regulated currency toward a freely convertible one and building an offshore won settlement network, according to ETNews as cited by ChainCatcher.
Offshore won settlement network set for pilot in September
The Bank of Korea plans to launch an “offshore won settlement network,” a provisional name for the system. The network is expected to enter a trial run in September this year and officially go live in January next year.
Digital-asset payment rails to support won stablecoins
South Korea also plans to build digital-asset payment infrastructure to lay the groundwork for the issuance, distribution, and trading of won-denominated stablecoins. In addition, the government plans to begin a pilot next year to promote the tokenization of government bonds linked to the Bank of Korea’s wholesale central bank digital currency, or CBDC.
South Korea to join BIS-led Agora project
Separately, South Korea will officially join Agora, the cross-border digital payments project led by the Bank for International Settlements, or BIS, and involving eight central banks.
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