South Korea released a roadmap for the internationalization of the won, will issue a won denominated stablecoin, and plans to launch a pilot tokenization of government bonds next year

Comparatively, according to Korean media ETnews, the South Korean government released the “Korean Won Internationalization Roadmap,” which aims to promote the transformation of the won from a regulated currency to a freely exchangeable currency and establish an offshore Korean won settlement network.

According to reports, the Bank of Korea will launch the “Offshore Korean Won Settlement Network” (tentative name), which is expected to be tested in September this year and officially launched in January next year. At the same time, it will also build a digital asset payment infrastructure to lay the foundation for the issuance, distribution, and trading of Korean won denominated stablecoins. It is planned to launch a pilot project next year to promote the tokenization of government bonds linked to the Bank of Korea's institutional digital currency (CBDC). Furthermore, South Korea will officially join the “Agora” cross-border digital payment project led by the Bank for International Settlements (BIS) and bringing together eight central banks.

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