NH Nonghyup Bank will work with the Bank of Korea and the Korea Environment Corporation to build a digital currency-based system for managing state subsidies.
NH Nonghyup Bank said on July 2 it signed a memorandum of understanding with the Korea Environment Corporation and the Bank of Korea to 추진 a "digital currency-based medium-speed electric vehicle charging facility subsidy programme".
The three organisations agreed to stably operate a digital currency network for reliable payments and settlement and to support work related to digital currency-based subsidy disbursement and management.
NH Nonghyup Bank will build a digital currency-based budget management system and take charge of key financial tasks related to subsidy disbursement based on deposit tokens.
The plan is to improve the efficiency and reliability of state subsidy disbursement and to flesh out a digital currency-based budget management model.
An NH Nonghyup Bank official said, "We will improve the efficiency and reliability of state subsidies," and added, "We will present a new standard for digital currency-based budget management."
Ji-young Lee
ljy@d-today.co.kr