South Korea is preparing a policy package tied to currency liberalization and digital asset market rules, according to Korean media cited by ChainCatcher. The plan was jointly announced by the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository. Its stated goal is to help shift the won from a restricted currency toward a freely convertible one while improving the cross-border capital flow system.
Within that agenda, the government plans to define issuance and circulation rules for won-denominated stablecoins under the Framework Act on Digital Assets. The move would give won stablecoins an institutional basis for entering the market. Separately, the Bank of Korea will move ahead with a pilot that combines an institutional central bank digital currency, or CBDC, with tokenized government bonds. It will also join Project Agora, a digital cross-border payments initiative led by the Bank for International Settlements, or BIS.
South Korea’s financial authorities and central bank have jointly unveiled a plan aimed at moving the won from a restricted currency toward a freely convertible one, while also improving the system for cross-border capital flows, according to Korean media cited by ChainCatcher.
The plan was announced by the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository.
As part of the proposal, the South Korean government plans to define issuance and circulation rules for won stablecoins under the Framework Act on Digital Assets. That would provide an institutional foundation for won-denominated stablecoins to enter the market.
Separately, the Bank of Korea will push ahead with a pilot program that combines an institutional central bank digital currency, or CBDC, with tokenized government bonds. The central bank will also participate in Project Agora, a cross-border digital payments initiative led by the Bank for International Settlements, or BIS.
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