Bank of Korea Advocates for Bank-Led Stablecoin Initiative
- The Bank of Korea proposed a bank-led consortium for stablecoin issuance.
- A statutory interagency body is suggested for issuer approvals.
- The proposal cites the US GENIUS Act as a model for its framework.
- This initiative comes as legislative progress on stablecoins has stalled.
The Bank of Korea’s push for a bank-led stablecoin system aims to streamline approval processes and enhance regulatory oversight in the cryptocurrency sector.
With the introduction of a consortium and interagency body, the Bank of Korea seeks to address delays in stablecoin legislation, emphasizing the need for structured governance in this evolving market. (Source)
