South Korea’s National Pension Service Considers Blockchain for Fund Transactions
South Korea’s National Pension Service (NPS), managing assets worth 1,224 trillion won ($836 billion), is exploring blockchain for its fund transaction systems.
- The NPS aims to enhance transparency and security in deposits, withdrawals, and investments.
- A preliminary disclosure process will invite feedback from blockchain experts and companies.
- This phase will inform a study on integrating blockchain into the pension fund's accounting system.
- Focus includes using blockchain's shared ledger to prevent tampering of fund records.
- The NPS has previously utilized blockchain to track overseas pension recipients.
- No direct investment in cryptocurrencies like BTC is planned, but it has indirect exposure through investments in Strategy and Coinbase.
- This initiative follows 7-Eleven stores accepting the Bank of Korea’s central bank digital currency in a trial.