South Korea’s central bank creates a virtual asset committee to monitor the crypto market and renamed its CBDC team to explore digital currency actively. Banks in South Korea consider stablecoins pegged to the won, driving the team’s formation. The country elected a pro-crypto president, embracing the sector further.

The Bank of Korea renames its CBDC research team to the Digital Currency Team for practical exploration of digital currency initiatives. Two other teams also renamed to focus on digital currency-related research, investigation, and platform development. The bank emphasizes the need for digital currency in the future.

The Bank of Korea postponed its CBDC test due to government support for local currency stablecoins and banks’ concerns over participation costs. The test was supposed to run from April 1 to June 30, with discussions to resume once legal uncertainties are resolved. The bank governor stresses the importance of digital currency regardless of form.

South Korean banks plan to launch a stablecoin pegged to the country’s won currency in late 2025 or early 2026. BOK deputy governor supports banks as primary stablecoin issuers before expanding to other sectors gradually. Magazine feature covers stablecoin frenzy in Hong Kong and Pokémon on Solana.

Read more at Cointelegraph: Bank of Korea To Create Virtual Asset Team