The Bank of Korea and six major banks are advancing the testing of cryptocurrency subsidies for the treasury

According to ChainCatcher news, the Bank of Korea (BOK) and six major banks (KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH Nonghyup Bank, and Industrial Bank) are advancing an experiment to pay government subsidies in the form of cryptocurrency.

The purpose of this test is to examine the feasibility of providing government subsidies or vouchers (government-backed vouchers) to beneficiaries through cryptocurrency. The characteristics of cryptocurrency based on distributed ledger technology, such as blockchain, allow for pre-programmed usage locations and timeframes, fundamentally preventing improper receipt and misappropriation of subsidies, and enabling accurate measurement of the subsidy effects.

The Bank of Korea and the Ministry of Economy and Finance plan to hold a briefing session later this month to share the testing schedule and key inspection items with the participating banks. If preparations go smoothly, the test may take place in the first half of next year.