South Korea releases a roadmap for the internationalization of the won: It will issue won-denominated stablecoins and plans to launch a pilot program for government bond tokenization next year

According to ETNews, the South Korean government has released the "Korean Won Internationalization Roadmap," aiming to transform the Korean won from a regulated currency to a freely convertible currency and to establish an offshore Korean won settlement network.

It is reported that the Bank of Korea will launch the "Offshore Korean Won Settlement Network" (tentative name), which is expected to undergo trial operation in September this year and officially start in January next year. At the same time, it will also build digital asset payment infrastructure to lay the foundation for the issuance, distribution, and trading of Korean won-denominated stablecoins, with 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.

In addition, South Korea will officially join the cross-border digital payment project "Agora," led by the Bank for International Settlements (BIS) and involving the central banks of eight countries.