BlockBeats News, July 20th. According to South Korean media, the Financial Services Commission of Korea, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository announced a joint plan aimed at promoting the transformation of the Korean Won from a restricted convertible currency to a free convertible currency, as well as enhancing the cross-border fund flow system.

Under this plan, the South Korean government intends to clarify the issuance and circulation rules of a Korean Won stablecoin within the framework of the "Digital Asset Basic Law," laying the institutional foundation for the entry of a Korean Won-denominated stablecoin into the market.

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