South Korean Bank and Government Promote Experiment with Distributing Treasury Subsidies via Digital Currency

BlockBeats News, September 8th. According to Yonhap News Agency, six major banks in South Korea (KB Kookmin, Shinhan, KEB Hana, Woori, NH Nonghyup, Industrial Bank of Korea) have reportedly expressed their intention to actively consider participating in a Treasury subsidy-related test to the Bank of Korea. Since late August, the Bank of Korea's Digital Currency Office has been contacting each bank's virtual asset manager one by one to solicit their participation intentions. This test will focus on examining whether the government can distribute digital currency to subsidy recipients and use the existing Treasury payment of the subsidy or government-guaranteed vouchers (government-guaranteed coupons).