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Bank of Korea creates crypto asset division

Bank of Korea creates crypto asset division to lead stablecoin and digital currency strategy

https://icn.live/wp-content/uploads/2025/07/Bank-of-Korea-creates-crypto-asset-division.mp3
  • by ICN.live
Fatima Al-Nouri

Bank of Korea creates crypto asset division to lead internal efforts on digital currencies and stablecoins.

This move shows the central bank’s serious intent in engaging with the evolving crypto economy. Located under the financial payment systems bureau, the new division will monitor crypto markets and participate in legal discussions around virtual assets. It’s a step that aligns with South Korea’s growing momentum toward national stablecoins.

President Lee Jae Myung has strongly backed the creation of Korean won stablecoins. His administration believes local stablecoins could help prevent capital flight and give South Korea more monetary control. Lawmakers have already introduced bills to lay the groundwork for such assets. The private sector didn’t wait either—banks and fintechs rushed to file trademarks for future KRW stablecoins.

New Unit Signals Proactive Direction

The Bank of Korea also renamed its Digital Currency Research Team to the Digital Currency Team. This small change signals a large shift—from theory to real-world applications. The rebranding implies the bank is ready to test, implement, and possibly regulate national digital currency infrastructure.

This comes after the central bank reportedly paused its CBDC pilot to assess the rise of stablecoins. Governor Lee Chang-yong admitted the need for KRW stablecoins but warned of letting non-banks issue them. According to him, such a move could destabilize the financial ecosystem.

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South Korea Eyes Leadership in Crypto Stability

The Bank of Korea creates crypto asset division just as stablecoins gain global traction. Inspired partly by the U.S. push for USD-backed stablecoins during Trump’s term, South Korea is preparing its own version. The BOK’s new unit is now expected to become the brain center for internal crypto planning.

If handled well, South Korea could become a leader in regulated, fiat-backed crypto. The mix of political support, central bank planning, and corporate interest makes this one of the most ambitious national efforts to date.

As central banks worldwide examine digital currencies, South Korea is already organizing teams, drafting laws, and exploring partnerships. The crypto landscape is changing fast—and South Korea seems ready to lead.

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Why did the Bank of Korea create a crypto asset division?

The Bank of Korea formed the crypto asset division to closely monitor crypto markets and lead internal efforts on stablecoin policy. It aims to stay ahead of legal and financial shifts as digital assets gain global traction. This division will help shape South Korea’s approach to crypto, especially the regulation and development of Korean won-based stablecoins. By focusing resources here, the bank strengthens its ability to manage risks and explore innovation.

What does the new name “Digital Currency Team” mean for the central bank’s strategy?

The change from “Digital Currency Research Team” to “Digital Currency Team” signals a shift from theoretical studies to actionable strategy. It shows the Bank of Korea is preparing to go beyond research and into pilot programs, legislation, and real-world applications. The new name reflects urgency and commitment, especially as stablecoins gain support from both the public and private sectors in South Korea.

Are KRW stablecoins officially launched in Korea yet?

No, Korean won (KRW) stablecoins are not yet officially launched. However, there is strong momentum from government leaders and industry players. Lawmakers have introduced bills to create a legal framework. Financial institutions and fintech companies are also filing trademarks and preparing for rollout. The creation of a dedicated division at the central bank suggests that progress is accelerating.

How does this development affect the global crypto scene?

South Korea’s move positions it as a potential leader in regulated stablecoins. While many nations remain cautious or stuck in research phases, South Korea is taking action. The establishment of the crypto asset division shows how a nation can strategically blend regulation, innovation, and market readiness. Other central banks may watch Korea’s next steps closely as a model for safe, controlled stablecoin adoption.

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