South Korea Releases Won Internationalization Roadmap, Plans Stablecoin Legal Framework

According to Odaily, South Korea's government released a won internationalization roadmap on July 20, planning to transition the won from a regulated to a freely convertible currency. The roadmap was jointly developed by South Korea's Financial Services Commission, Bank of Korea, Financial Supervisory Service, and Korea Securities Depository.

The Bank of Korea also plans to pilot institutional CBDC (central bank digital currency) linked government bond tokenization projects. Additionally, South Korea will participate in Project Agora, an international payment initiative led by the Bank for International Settlements (BIS).