The Central Bank of South Korea, the Bank of Korea (BOK), intensifies its involvement in the crypto sector by launching a new “Crypto-Trost department”. This decision reflects the increase in momentum in the country’s public sector to the more serious regulation of stablecoins and digital currencies.
As of July 31, the existing digital currency research laboratory will be renamed Digital Currency Lab. The change underlines that it becomes an operational unit in its own right rather than a simple research division. In addition, internal teams are realized to better support the tests of the behavior of tokens and conviviality.
Market monitoring and stablescoins
The newly formed division will work under the financial regulations office and will be in charge of monitoring the developments in the cryptographic market, including Korean stablecoins. This occurs while the central bank adjusts its internal structure, reversing its “research laboratory on digital currencies” existing to a simple “digital currency laboratory”, more rationalizing its digital currency operations.
Experts believe that this reorganization aims to follow more effectively the country’s digital currency (CBDC) strategy. Staff will also be assigned to test the conviviality of tokens in different environments.
CBDC plans take a rear seat
The BOK recently interrupted its deployment of the CBDC in the midst of growing political support for the stables of the private sector. The central bank argued that the deposit tokens issued by banks are essentially the same as the stabbed set to the Korean Won, indicating that it could promote a digital currency ecosystem led by banks on a central emission model.
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Regulatory invoices trigger a reshuffle
The time of the Bok’s decision is notable, coming just after the two largest political parties in South Korea have introduced new Stablecoin regulatory bills. These bills aim to place the Committee of Financial Services in charge of monitoring Stablescoin. Critics say that could reduce the influence of BOK on monetary policy, a concern that the Central Bank has expressed several times.
Meanwhile, the great South Korean technological players are preparing for the stablecoin wave by depositing brands linked to the tokens supported by KRW, anticipating favorable legislation to come.
South Korea is preparing for a more structured cryptographic future, even if internal debates continue on who should carry out the accusation.
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Faq
BOK improves cryptography regulatory efforts, focusing on stablescoins and CBDCs, to align in the growing digital asset market in South Korea.
The improved laboratory will test the conviviality of the tokens and will monitor the cryptographic markets, from research to active operational surveillance.
The bills on the regulation of new stablescoin stables of the main political parties in South Korea aim to place the surveillance of the stables of the financial services committee, which Bok fears could reduce its influence on monetary policy.
