The Korea Times
LG CNS, the IT services arm of LG Group, said it will serve as the lead contractor for the second phase of the Bank of Korea’s pilot program for institutional digital currency and deposit tokens. The program, Project Hangang, a joint initiative involving the Bank of Korea, the government and the banking sector, is designed to assess whether deposit tokens — bank deposits converted into tokenized form — can serve as both a new payment method and an efficient tool for public fund disbursement. A central feature of the second phase is a plan to use deposit tokens to disburse government subsidies, which the company described as a world first for public finance. As part of a plan under review and set for launch in the first half of the year, subsidies for electric vehicle charging infrastructure projects will be paid in deposit token form. The entire process, from disbursement to final settlement, would be recorded on a blockchain in real time, improving transparency. Digital vouchers built on deposit tokens can also be programmed in advance with restrictions on purpose, time period and
Go to News Site