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Bank of Korea Focuses on Digital Currency with New Virtual Asset Team
Bank of Korea – South Korea’s central bank, the Bank of Korea (BOK), is stepping up its focus on digital currencies by launching a Virtual Asset Committee aimed at monitoring the rapidly evolving crypto market. According to a BOK official cited by Yonhap News, this new team will handle stablecoin and virtual asset discussions as well as coordinate closely with the government during the legislative process.
CBDC Research Team Rebranded for Practical Digital Currency Development
In line with its expanding digital ambitions, the BOK has renamed its Central Bank Digital Currency (CBDC) Research Team to the Digital Currency Team to emphasize a shift from theoretical research to active exploration of digital currency initiatives. Alongside this, two other teams have been renamed to the Digital Currency Technology Team—focusing on digital currency-related research—and the Digital Currency Infrastructure Team, which works on developing a digital voucher management platform and testing infrastructure.
CBDC Testing Postponed as Stablecoin Momentum Grows
While the Bank of Korea postponed its retail CBDC test, initially scheduled to run from April to June 2025, the central bank remains committed to digital currency projects and may resume testing once legal uncertainties are resolved. Governor Lee Chang-yong stressed the importance of digital currency for South Korea’s future, regardless of its specific form.
South Korean Banks Push for Won-Pegged Stablecoins
Amid these developments, eight major South Korean banks announced plans to launch a stablecoin pegged to the Korean won by late 2025 or early 2026. Deputy Governor Ryoo Sangdai expressed support for banks being the main issuers of stablecoins initially, with a gradual expansion to other sectors.
South Korea’s evolving regulatory landscape and growing support for stablecoins highlight the country’s ambition to become a key player in the digital currency revolution, balancing CBDC innovation with the rising demand for stablecoin adoption.
