The Bank of Korea has also renamed its CBDC research and development teams to reflect their focus as practical business departments.
South Korea’s central bank will reportedly launch a virtual asset committee to monitor the crypto market and has refocused and renamed its central bank digital currency (CBDC) team to actively explore digital currency.
A Bank of Korea official said its Virtual Asset Team will also be responsible for responding to “discussions related to stablecoins and virtual assets,” and “cooperative work with the government” during the legislative process, Yonhap News reported on Tuesday.
Banks in South Korea mulling stablecoins pegged to the country’s currency, the won, and proposed stablecoin legislation being introduced by lawmakers was reportedly the primary driver behind the new team’s creation.
