South Korea's central bank establishes a "virtual asset group" and adjusts its digital currency department

As discussions about the Korean won stablecoin continue to heat up, the Bank of Korea recently established a new "Virtual Asset Group" and renamed the "Digital Currency Research Office" to the "Digital Currency Office" to strengthen the relevant organizational structure.

This adjustment is intended to more effectively respond to the latest trends in central bank digital currencies (CBDCs) and stablecoin issuance. The newly established Virtual Asset Group will be responsible for monitoring the virtual asset market and legislative progress, including the Korean won stablecoin.

The Digital Currency Office is divided into two major teams, technology and infrastructure, responsible for digital currency-related technology research and development and platform construction, respectively.

The Bank of Korea stated that it will continue to advance CBDC-related work and actively respond to the challenges brought about by the development of private stablecoins.