Bank of Korea’s new governor signals CBDC and bank token push, skips stablecoins in key address

In his inaugural address, Bank of Korea Governor Shin Hyun-song emphasized the development of central bank digital currencies (CBDCs) and bank-issued deposit tokens through initiatives like Project Hangang and Project Agorá. Notably, the governor omitted mentions of stablecoins in his speech, despite their prominence in South Korea’s ongoing legislative debates regarding the Digital Asset Basic Act. Shin advocated for a system where the central bank issues CBDCs and commercial banks provide convertible deposit tokens, arguing that any stablecoin issuance should be handled by regulated banks. Additionally, he pledged to modernize currency markets with 24-hour foreign exchange trading and increase regulatory scrutiny over the broader crypto market and non-bank financial sectors to mitigate systemic risks.

(Source：CoinDesk)