Bank of Korea governor nominee: CBDC and deposit tokens should become the core of the digital currency ecosystem

CoinFeed reported on April 13 that, according to Yonhap News Agency, Shin Hyun-song, the nominee for governor of the Bank of Korea, stated in his written response at his parliamentary confirmation hearing that central bank digital currencies (CBDCs) and commercial bank deposit tokens issued based on them should be at the core of the digital currency ecosystem. Shin generally supports the introduction of a won stablecoin, but emphasized that maintaining trust in the currency is paramount. Regarding the issuer of the won stablecoin, he believes that since South Korea is not a reserve currency country, compliance is crucial. Therefore, he suggests prioritizing issuance by a bank-centric consortium, with non-bank institutions allowed to participate, and then gradually expanding the scope. Shin expressed caution regarding the claim that stablecoins improve the efficiency of foreign exchange transactions, stating that it remains unclear whether blockchain technology can comply with capital and foreign exchange regulations.