South Korea's central bank, the Bank of Korea (BOK), has introduced a new Cryptoassets Department within its Financial Settlement Bureau amid rising government interest in stablecoins. The move includes renaming its Digital Currency Research Lab to Digital Currency Lab and refocusing efforts on token usability testing. The department will oversee cryptocurrency market developments, especially Korean won-pegged stablecoins, while legislative processes unfold. The BOK paused its CBDC rollout to evaluate stablecoin legalization impacts, signaling careful consideration of digital currencies' future roles in both banking and private sectors. This structural reorganization aligns with parliamentary endeavors to regulate stablecoins, though concerns remain over regulatory boundaries and the central bank's influence on digital currency policy.
Continue to read Bank of Korea Establishes Dedicated Cryptoassets Department to Strengthen Stablecoin Oversight
South Korea's central bank, the Bank of Korea (BOK), has introduced a new Cryptoassets Department within its Financial Settlement Bureau amid rising government interest in stablecoins. The move includes renaming its Digital Currency Research Lab to Digital Currency Lab and refocusing efforts on token usability testing. The department will oversee cryptocurrency market developments, especially Korean won-pegged stablecoins, while legislative processes unfold. The BOK paused its CBDC rollout to evaluate stablecoin legalization impacts, signaling careful consideration of digital currencies' future roles in both banking and private sectors. This structural reorganization aligns with parliamentary endeavors to regulate stablecoins, though concerns remain over regulatory boundaries and the central bank's influence on digital currency policy.
Continue to read Bank of Korea Establishes Dedicated Cryptoassets Department to Strengthen Stablecoin Oversight
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