The Bank of Korea is establishing a dedicated virtual asset committee to professionally monitor the cryptocurrency market, reorganizing the existing central bank digital currency (CBDC) organization's name and role, and accelerating digital asset research.
According to Yonhap News, the Bank of Korea plans to respond to virtual asset-related issues, including stablecoins, through a new virtual asset team. This team will practically cooperate with ongoing legislative processes in the National Assembly and lead policy coordination with the government. Additionally, this organization will be responsible for researching CBDC development, including the digital won.
As major domestic commercial banks are currently reviewing the launch of stablecoins pegged to the won, and a stablecoin bill to explicitly regulate them is being discussed in the National Assembly, the Bank of Korea's organizational restructuring is interpreted as a preemptive response to these policy changes.
As discussions about integrating digital assets into the institutional framework are gaining momentum worldwide, South Korea's presidential stance is also influencing policy direction. President Lee Jae-myung, who took office last month, was elected with pro-crypto pledges, including allowing stablecoins and cryptocurrency ETFs.
South Korea is already considered a strategic hub in the global cryptocurrency market due to high individual investor participation, and the Bank of Korea's move is analyzed as demonstrating a willingness to proactively manage this at the regulatory and central banking levels.
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