South Korea plans to upgrade its 76-year-old national asset management system to formally include virtual currencies and intellectual property in the country’s definition of national assets, according to the Ministry of Economy and Finance’s economic policy roadmap released Wednesday.
The proposal includes revising the National Assets Law, which dates back to 1950, and includes plans to create a broader legal framework for the management of state assets. The ministry reiterated its plans to start a pilot program for tokenized government bonds in 2027, saying blockchain technology has the potential to reduce transaction costs and speed up transfers.
Under the plan, officials are also studying tokenization of state-owned real estate to allow retail investors to participate and share in investment returns.
The announcement adds to South Korea’s broader push to incorporate blockchain into public finances. Earlier this year, the Ministry of Finance said it would begin testing tokenized deposits for public spending in the fourth quarter. The Bank of Korea has already started trials of its central bank digital currency (CBDC) with commercial banks.
