📢 BREAKING NEWS from the Bank of Korea! 🇰🇷

The Bank of Korea (BoK) is undergoing a major restructuring! They've established a "Virtual Asset Team" and renamed the "Digital Currency Research Office" to the "Digital Currency Office.

This move aims to strengthen regulatory oversight and policy responses to the virtual asset market, especially Won-pegged stablecoins.

Why is this significant?

• It signals a global consensus among central banks that digital assets, particularly stablecoins, are no longer just a trend but a fundamental shift in the financial system.

• The Virtual Asset Team will focus on developing a regulatory framework for Won-based stablecoins, which is currently being worked on by eight major South Korean banks and is targeted for a 2026 release.

• Although Korea's CBDC project has been postponed until July 2025, the BoK is now placing a greater focus on private stablecoins.

What's the impact?

This strengthened regulation is expected to boost investor confidence in stablecoins, while also protecting the local market from the dominance of dollar-pegged stablecoins like USDT and USDC.

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