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South Korea Moves Government Spending to Blockchain
🕵️ Deposit Token Pilot in Q4
South Korea's Ministry of Finance has taken a historic step in public spending. A blockchain-based deposit token pilot for managing treasury funds has been approved.
Details:
- Digital tokens based on bank deposits will replace existing government credit cards
- Pilot to begin in Q4 2024 in Sejong City
- Spending period and sector restrictions will be predefined with a smart contract
This is the first large-scale trial in the world where a government directly tokenizes budget spending. The aim is to reduce the risk of corruption, speed up reconciliation, and bring transaction costs close to zero for SMEs.
South Korea is already conducting CBDC and deposit token tests with BOK's Project Hangang. This step will practically test the interoperability of central bank digital currency and commercial bank tokens.
The signal for the market is clear: governments are not waiting for stablecoins, they are building their own deposit token infrastructure. If public blockchain adoption accelerates in Asia, a new market is opening up for payment infrastructure providers.