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Bank of Korea and Six Major Banks in South Korea Pushing Forward Treasury Cryptocurrency Subsidy Test
Summary: According to reports from Yonhap News Agency, the Bank of Korea (BoK) and six major banks (KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, Woori Bank, NH Nonghyup Bank, and Industrial Bank) are advancing experiments to pay treasury subsidies in the form of cryptocurrency. The test aims to examine the feasibility of providing treasury subsidies ...
According to reports from Yonhap News Agency, the Bank of Korea (BoK) and six major banks (KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, Woori Bank, NH Nonghyup Bank, and Industrial Bank) are advancing experiments to pay treasury subsidies in the form of cryptocurrency. The test aims to examine the feasibility of providing treasury subsidies or government-guaranteed vouchers to beneficiaries through cryptocurrency, utilizing the characteristics of cryptocurrency based on distributed ledger technology such as blockchain to prevent improper receipt and misuse of subsidies, and accurately measure the impact of subsidies. The Bank of Korea and the Ministry of Strategy and Finance plan to hold a briefing later this month to share the test schedule and key inspection contents with participating banks. If preparations go smoothly, the test may take place in the first half of next year.
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