Staffers will test how tokens work in payments and settlements. They will also study any spillover into regular bank accounts and lending. The goal is to spot risks early and offer clear advice to policy makers.
The bank’s move comes just hours after the nation’s two biggest political parties introduced stablecoin bills. Each bill would give the Financial Services Commission broad power to license and supervise issuers.
Lawmakers say this will protect consumers and boost innovation. Opponents fear it could weaken the BOK’s grip on monetary tools.
In late June, the BOK hit pause on its central bank digital currency (CBDC) rollout, known as Project Han River. According to Governor Rhee Chang‑yong, banks’ deposit tokens look a lot like stablecoins.
He said that “no matter if we are talking about a won stablecoin or a deposit token, we will need a digital currency in the future.”
The governor added that the bank will weigh a bank‑led launch against a wider private‑sector model. The BOK plans to focus on bank support first, then consider opening up to fintech firms.
Some of South Korea’s top tech firms have already filed trademarks for won‑pegged coins. They appear to be waiting for lawmakers to give them the green light. If the bills pass, big names in e‑commerce and messaging could launch their own tokens.
That would create new payment channels and loyalty programs. It could also shift some deposits out of traditional banks, a concern the BOK has flagged.
Deputy Governor Ryoo Sang‑dai has stressed a cautious approach. He said the bank will roll out digital tokens in stages, starting with commercial banks. The cryptocurrency department will play a key role in shaping that plan.
Featured image from Meta, chart from TradingView
