The Bank of Korea has established a new virtual asset team under the Financial Payments Bureau.

PANews reported on July 29th that, according to Yonhap News Agency, the Bank of Korea (the central bank) has decided to establish a new "Virtual Asset Group" within the Financial Payments Bureau to address legislative discussions regarding stablecoins based on the Korean won. Furthermore, the Bank of Korea has decided to change the name of the Digital Currency Research Office within the Financial Payments Bureau to the Digital Currency Office. A Bank of Korea official stated, "The Virtual Asset Group will address discussions related to stablecoins and virtual assets and collaborate with the government, the National Assembly, and others during the legislative process."