South Korea Central Bank go use CBDC for $79.3B Government Subsidy

South Korea’s central bank dey plan to use dia central bank digital currency (CBDC) to distribute 110 trillion won ($79.3 billion) government subsidies. Governor Rhee Chang-yong talk the plan on August 28 as part of second phase of Han River Project pilot. Under the plan, contractors go receive CBDC tokens instead of normal transfers or vouchers, this one go allow full blockchain tracking and reduce fraud. Ministry of Strategy and Finance support am, say e go make fiscal policy more efficient and transparent. Unlike the first pilot wey focus on commercial banks, this project na private sector lead, targeting banks wey want put money inside CBDC infrastructure. Deputy Prime Minister Koo Yun-cheol endorse the plan, say e get potential to make subsidy management easier between main contractors and subcontractors. Bank of Korea also plan to speed up e wider CBDC roadmap once new crypto and stablecoin laws finish, meaning say dem still dey committed to digital fiat even after some delays before.