Overview
- The Bank of Korea formally told the National Assembly finance committee it favors won-denominated stablecoins issued by bank-led consortiums and restated that position in documents submitted to lawmakers.
- The central bank proposed creating a statutory coordinating body to bring financial regulators and government agencies together to oversee stablecoin issuance and the wider digital-asset sector.
- The BOK said it will expand deposit-token pilots in the second half of the year for uses such as government subsidy payments, public vouchers and electric-vehicle charging services.
- South Korea’s Digital Asset Basic Act remains stalled because lawmakers disagree over whether non-bank firms should be allowed to issue stablecoins and external factors have delayed the legislative timetable.
- The Ministry of Economy and Finance has separately launched a pilot to use tokenized bank deposits for government spending, a sign that tokenized payment projects will continue even as legal rules are unresolved.