South Korea to Test CBDC Backed Deposit Tokens for Government Expenses
5 Articles
5 Articles
South Korea to test CBDC backed deposit tokens for government expenses
South Korea has approved a pilot that will let public officials pay government operating expenses with blockchain based deposit tokens instead of physical government cards. According to The Chosun Daily, the Ministry of Science and ICT approved the project during…
(Seoul = Yonhap News) Reporter Kwon Ha-young = Government office operating expenses, such as civil servants' business promotion expenses, will be payable using blockchain-based digital currency.
The Ministry of Science and ICT has approved a pilot project to pay for public officials' business expenses using digital currency through the ICT regulatory sandbox. This utilizes blockchain technology to enhance the transparency of budget execution and allows for various demonstration exceptions that accelerate digital transformation, such as the conversion of maintenance project notifications and postal statements into electronic documents.
A new regulation has been introduced in South Korea that paves the way for the use of blockchain-based digital currency in the operating expenses of public institutions. According to the regulation, public institutions will be able to pay for certain operating expenses, including promotional and similar expenditures made by employees within the scope of their official duties, with blockchain-based digital currency. The South Korean Ministry of S…
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