Woofun AI reports that the Financial Services Commission, Bank of Korea, Financial Supervisory Service, and Korea Securities Depository jointly announced plans to transform the Korean won into a freely convertible currency. The government intends to clarify issuance and circulation rules for won stablecoins within the "Basic Law on Digital Assets" framework, establishing a regulatory foundation for their market entry.

Additionally, the Bank of Korea will advance pilot projects combining institutional CBDC with government bond tokenization and participate in the BIS-led Project Agora to explore digital cross-border payment systems.