Bank of Korea launches 'Virtual Asset Team' in response to stablecoin legislation
Summary
- The Bank of Korea announced the establishment of a Virtual Asset Team to respond to legislative discussions on won-based stablecoins.
- The Virtual Asset Team is expected to play a key role in policy discussions and legislative cooperation regarding stablecoins and virtual asset policies.
- Although the name of the Central Bank Digital Currency (CBDC) dedicated organization has been changed, it was explained that there is no significant change in the current work.
The Bank of Korea has established a 'Virtual Asset Team' under the Financial Settlement Bureau to discuss legislation for won-based stablecoins (virtual assets linked to the value of fiat currency).
According to industry sources on the 29th (KST), the Bank of Korea plans to formalize cooperation and communication with the Government of South Korea and the National Assembly of the Republic of Korea by establishing the Virtual Asset Team. A Bank of Korea official stated, "The Virtual Asset Team will respond to policy discussions related to stablecoins and virtual assets and will play a collaborative role in the legislative process."
Additionally, the Bank of Korea has changed the name of its Central Bank Digital Currency (CBDC) dedicated organization. From the 31st, the existing 'Digital Currency Research Division' will be renamed to 'Digital Currency Division.' The previous Digital Currency Technology Team 1 and 2 will be reorganized as the 'Digital Currency Technology Team' and the 'Digital Currency Infrastructure Team,' respectively.
A Bank of Korea official explained, "Since, except for the Economic Research Institute, no department uses 'Research' in its name, the name change is intended to clarify that this is not a simple research organization," and added, "There is no significant change in the existing work."
Uk Jin
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