South Korea plans to replace its 76-year-old nationwide asset administration system to formally embrace digital currencies and mental property within the nation’s definition of nationwide belongings, based on the Ministry of Financial system and Finance’s financial coverage roadmap launched Wednesday.
The proposal contemplates revising the Nationwide Property Act, which dates again to 1950, and contains plans to create a broader authorized framework for managing state-owned belongings. The ministry reiterated plans to start out a pilot program for tokenized authorities bonds in 2027, saying blockchain know-how has the potential to scale back transaction prices and velocity up transfers.
Officers are additionally learning the tokenization of state-owned actual property to permit retail traders to take part and share in funding returns, based on the plan.
The announcement builds on South Korea’s broader push to convey blockchain into public finance. Earlier this 12 months, the Finance Ministry mentioned it could start testing tokenized deposits for presidency spending within the fourth quarter. The Financial institution of Korea has already began trials of its central financial institution digital foreign money (CBDC) with business banks.