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2025-07-30 18:00:07
[South Korea's New Strategy: A Future Showdown Between Stablecoins and CBDCs?] ⑴ The Bank of Korea (BOK) is actively exploring the digital currency sector and will establish a virtual asset committee to strengthen oversight of the cryptocurrency market. ⑵ According to Yonhap News Agency, the virtual asset team will also be responsible for responding to discussions regarding stablecoins and virtual assets and working closely with the government during the legislative process. ⑶ This move is driven by proposals for stablecoin legislation put forward by South Korean lawmakers, with several banks currently considering issuing stablecoins pegged to the Korean won. ⑷ Notably, the Bank of Korea has renamed the research team responsible for central bank digital currency (CBDC) projects the "Digital Currency Team," highlighting its role as a practical operational unit actively exploring digital currency initiatives. ⑸ Two other related teams have also been renamed, assuming responsibilities for digital currency technology and digital currency infrastructure, respectively. ⑹ Although the Bank of Korea postponed its CBDC testing on June 29, central bank officials stated that testing discussions may resume soon after legal uncertainties are resolved. ⑺ Bank of Korea Governor Lee Chang-yong emphasized that South Korea will need a digital currency in the future, regardless of its form. ⑻ It is worth noting that eight major South Korean banks plan to launch stablecoins pegged to the Korean won by the end of 2025 or early 2026, indicating that banks prefer stablecoins rather than CBDCs as the main issuer.
