The Bank of Korea (BOK) has renamed its Digital Currency Research Lab, removing the word “research” from the title, and established a Virtual Asset Committee to address stablecoin legislation. This week the ruling and opposition parties tabled separate stablecoin bills.
“We wanted to make it clear that this is not a department that only does research,” a BOK official said, according to Yonhap News. “There will not be much change in the original work.”
Several Korean media outlets reported that the Bank of Korea suspended Project Han River, its wholesale central bank digital currency and tokenized deposit initiative, following resistance from participating banks. These seven financial institutions are now forming a consortium to launch their own stablecoins, capitalizing on recent government initiatives that will expand stablecoin issuance opportunities.
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