Bank of Korea creates crypto asset division amid local stablecoin momentum: report
Quick Take South Korea’s central bank has installed a virtual asset division to monitor the crypto market and lead internal discussions on local currency stablecoins. It also renamed its existing digital currency team, likely indicating a more active stance towards digital currency initiatives.
The Bank of Korea (BOK) has newly installed a division for virtual assets to monitor the crypto market and discuss legislation on the asset class, local news agency News1 reported Tuesday.
The new virtual asset division is positioned under the central bank's financial payment systems bureau, and is expected to spearhead the BOK's internal discourse on Korean won-based stablecoins , according to the report citing the central bank.
The BOK also officially renamed its Digital Currency Research Team to the Digital Currency Team, a change that signals a shift from theoretical exploration toward more active digital currency initiatives. The Block has reached out to the BOK for further comments.
South Korea's discussion surrounding stablecoins started gaining traction as the U.S. moved to endorse USD-backed stablecoins under President Donald Trump's leadership.
The country's recently elected President Lee Jae Myung vowed to promote a local currency-based stablecoin market as a measure to prevent capital flight, while a ruling party lawmaker has already submitted a bill to establish a fundamental regulatory framework for KRW stablecoins.
Such developments were quickly matched by the private sector, where South Korea's leading banks and payment service providers submitted trademark applications for stablecoin ticker symbols.
Recently, the BOK reportedly decided to temporarily pause its CBDC project due to stablecoins making headway. The central bank governor Lee Chang-yong previously said that he sees a need for KRW stablecoins, but warned that allowing non-banking institutions could cause chaos.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
UBS Q3 implements a two-way strategy with gold options, heavily invests in technology stocks, and builds positions in SK Hynix (SKHY.US)
UBS Group (UBS.US) has submitted its Q3 holdings report (13F) as of September 30, 2026.
SpaceX (SPCX.US) reportedly attempts “de-Nvidiaization” at the rack level: developing Kessel cabinets to bypass L6 compute boards, purchasing only chips
SemiAnalysis: SpaceX has developed its own Kessel cabinet, bypassing Nvidia's L6 cards to provide more options for manufacturing its own hardware.
$3.7 billion “data center power equipment prepayments” abandoned! What did "the most active buyer of gas turbines", SoftBank, see?
In the second quarter of fiscal year 2026, SoftBank reported a net loss of $7.1 billion, primarily due to a $3.7 billion impairment charge from a $9.5 billion advance payment for power generation equipment for US data centers—of which about $2.9 billion was non-refundable and effectively lost. The CFO admitted that SoftBank placed orders before the project plan was finalized, and is now conducting a comprehensive review of its procurement strategy. "The most aggressive purchaser of gas turbines has now written off the deposit in this way."
Wall Street tech mogul Dan Ives: SpaceX (SPCX.US) shares have a 20%-25% "political discount"; merger with Tesla (TSLA.US) still possible
Dan Ives believes that SpaceX's stock currently has a "political discount" of 20% to 25%. At the same time, he still expects SpaceX to merge with Tesla, but this deal will face more obstacles.
Crypto prices
More
