Digital Won

As lawmakers remain deadlocked over who should control Korean won-pegged stablecoins, the Bank of Korea (BOK) has renewed its call for a bank-led issuance model, warning that privately issued digital tokens could undermine monetary policy, destabilize foreign exchange controls and introduce systemic financial risks.

South Korean blockchain leader Wemade has brought Chainlink Labs into its Global Alliance for KRW Stablecoins (GAKS), bolstering the technical backbone for Korean won–pegged stablecoins at a time when regulatory clarity in the country remains unresolved.

The South Korea's Ministry of SMEs and Startups is hoping to rewrite the Korean stereotype of digital assets, by offering a proposal to recognise crypto-related business in the country as a venture company.

South Korea's move towards CBDC implementation signifies a notable step in the evolution of digital currencies. While the pilot program is poised to bring about positive changes, it is crucial to navigate potential challenges and ensure a secure and efficient financial landscape.

Bank of Korea pioneers a revolutionary CBDC pilot involving 100,000 citizens, marking a significant step towards the Digital Won era.

UK's Mini Budget unveils Digital Securities Sandbox, propelling digital asset growth. Pioneering initiative fosters innovation, regulatory balance, and positions UK as a global financial leader.

The Seoul High Court's 5th Criminal Division, under the guidance of Presiding Judge Seo Seung-ryeol, delved into an appeal hearing regarding fraud charges amounting to 110 billion won against former Chairman Lee Jeong-hoon. The prosecution urged a reconsideration of the initial ruling, pushing for an 8-year prison sentence identical to the first trial's decision.

The 100 Digitally Native Note issued by the IBRD was listed on the Luxembourg Stock Exchange.

Spain strategically positions itself within the realm of the digital euro, signaling a transformative trajectory for the financial landscape.

The Shanghai Municipal Government has unveiled a comprehensive plan, titled the "Shanghai City Action Plan for Advancing New Infrastructure Construction (2023-2026)". This initiative seeks to revolutionise the city's infrastructure and services by harnessing the potential of emerging technologies such as artificial intelligence, blockchain, 5G, and digital twins.