The Bank of Korea (BOK) has created a new division dedicated to virtual assets, responsible for overseeing the crypto market and drafting relevant legislation, News1 reported on Tuesday.
The division, which will operate under the direction of the financial payment systems bureau, will lead discussions on stablecoins linked to the Korean won.
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In addition, the BOK has changed the name of its "Digital Currency Research Team" to the "Digital Currency Team," indicating a shift toward more active digital currency projects.
The debate over stablecoins in South Korea gained momentum after the United States endorsed US dollar-backed stablecoins under former President Trump.