Six major South Korean banks "actively considering participation in testing," plan to digitize treasury subsidies into cryptocurrency

Jinse Finance reported that South Korea's six major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and IBK) have expressed to the Bank of Korea their active consideration to participate in tests related to treasury subsidies. It is reported that since the end of August, the Bank of Korea's digital currency department has contacted the relevant personnel in charge of virtual assets and digital currency at these banks one by one by phone to inquire about their willingness to participate. The focus of this test is to examine whether the current subsidies or vouchers (government-guaranteed coupons) paid by the government from the treasury can be issued and used in the form of digital currency by beneficiaries. The Bank of Korea and the Ministry of Economy and Finance are expected to hold a briefing as early as mid-month to introduce the test schedule and main test content to the banks that have expressed interest in participating. If preparations go smoothly, the actual test may take place in the first half of next year.