South Korea's central bank establishes a "virtual asset group" and adjusts its digital currency department

PANews reported on July 30th that, according to news1, as discussions regarding the Korean won stablecoin continue to heat up, the Bank of Korea recently established a new "Virtual Asset Group" and renamed the "Digital Currency Research Office" to the "Digital Currency Office" to strengthen its organizational structure. This adjustment aims to more effectively respond to the latest trends in central bank digital currencies (CBDCs) and stablecoin issuance. The newly established Virtual Asset Group will be responsible for monitoring the market and legislative progress of virtual assets such as the Korean won stablecoin. The Digital Currency Office will be divided into two teams, Technology and Infrastructure, responsible for digital currency-related technology research and development and platform development, respectively. The Bank of Korea stated that it will continue to advance CBDC-related work and actively address the challenges posed by the development of private stablecoins.