South Korean Government to Establish Legal Basis for Issuing Won-Denominated Stablecoins

On the 19th, Etnews reported that the South Korean government announced a 'Roadmap for the Internationalization of the Won,' aiming to transition the won from a regulated to a freely convertible currency. The announcement was made jointly by the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository. The main focus is to create an environment where the won can be traded without constraints of time or location.