The South Korean government plans to establish a legal basis for the issuance of the Korean won stablecoin to promote the internationalization of the Korean won

According to reports from South Korean media, the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository jointly announced relevant plans aimed at transforming the Korean won from a restricted exchange currency to a freely convertible currency, and improving the cross-border capital flow system. Among them, the South Korean government plans to clarify the issuance and circulation rules of the won stablecoin under the framework of the "Basic Law on Digital Assets," providing a institutional foundation for the entry of won-denominated stablecoins into the market.

In addition, the Bank of Korea will also promote pilot projects that combine institutional CBDC with the tokenization of government bonds, and participate in the Project Agora led by the Bank for International Settlements (BIS) to explore a digital cross-border payment system.