South Korea is taking a major step towards StableCoin oversight and digital currency development. According to Yonhap News’s 29 July report, Bank of Korea has announced the establishment of a new virtual asset division within its Financial Settlement Bureau. The newly formed division will monitor the broad crypto market and lead international discussions that are particularly focused on development and regulation of Korean von-based stabeloin.
As part of a comprehensive organizational change, the Central Bank will name its digital currency research laboratory in the Digital Currency Laboratory starting from July 31. Towards more business-oriented development. Additionally, Team 1 and Team 2 of former Digital Currency Technology Division Division will be restructured in two units: Digital currency technology team and digital currency infrastic team. These teams will focus on the test environment for private-pursoring technologies, deposits-token platforms and stabiloin purposes.
This restructuring indicates South Korea’s increasing commitment to leading digital currency innovation. As StableCoins and Central Bank Digital Currency (CBDCs) gain global speed, Bank of Korea seems to be more hand in future funds, aligning its differences for policy-driven.
Bank of Korea indicates strong commitment to stabechoin development despite delay
A Korea official clearly clarified that this purpose has been changed to its digital currency reservation laboratory in the Digital Currency Laboratory, “We want to clarify that it is not a department that does not do research, research, as is no other department that uses the word ‘research’ in its name besides the Economic Research Institute. However, the official said,” The original work will not be known. “
The Digital Currency Lab, which evolved from the earner of the Research Department this year, is at the forefront of the Central Bank Digital Currency (CBDC) initiative of South Korea. One of its major projects is “Project Han River”, a long-term investment designed to test the actual water-probable purpose of a digital live. The first phase of the test was successfully concluded at the end of the previous month, but the second phase has been stopped. The delay stems from the concerns raised by banks participating on a long -term roadmap deficiency and continuous participation deficiency.
Despite the temporary suspension, the Governor of Bank of Korea Lee Chang-Yong emphasized a press conference on 10 July, the purpose of Project Hain River “is to introduce a win-conversion stabelcoin”. He said, “Whale This is a living stabcoin or deposit token, requiring a digital currency in the future.”
This re -presents a major trend in global finance: Stabelin’s familiarity beyond the US. South Korea’s developing Framework has highlighted the increasing importance of the National Stabecoin initiative, especially the country payments as countries try to modernize the financial infrastructure.
USDT and USDC dominance near 6%
The joint dominance of USDT and USDC currently reflects a relative neutral attitude in Stabilin Capital Posting, according to the present weekly chart. After pears above 18% in early 2022, the duration of the heavy risk-offset has been at a gradual decline, indicating a change and indicating a change out of Stabilin and the risk is returned to the property.
The chart suggests that USDT+USDC dominance is constantly struggling to keep 50-week (6.57%), 100-week (6.93%), and 200-wheek (8.38%) moving average. Recent price action confirms resistance near these levels, with dominance now tests its middle-cycle support around 6% range.
This dowtrand usually suggests increasing risk appetite, as the capital revolves out of stabechoin and in unstable property such as BTC, ETH and Altcoin. However, the fact that the dominance is not broken below 5%, reflects a very important market that still maintains a strong base of the sideline capital.
Specially displayed image from Dall-E, chart from tradingview
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