Bank of Korea Governor: Won Stablecoin System Should Be Introduced Soon, Issuance Should Be Led by Banks

CoinFeed reported on July 9, citing Edaily, that Bank of Korea Governor Shin Hyun-song stated during a plenary session of the National Assembly's Strategy and Finance Committee that his stance on the prompt introduction of a won stablecoin system "has not changed," and emphasized that central bank digital currency, deposit tokens, and stablecoins should maintain a "competitive and complementary relationship." In its report, the Bank of Korea proposed that won stablecoin legislation should prioritize bank-centered consortium issuance (banks holding 50%+1 or more), and establish a statutory policy body with participation from the central bank, Financial Services Commission, Ministry of Finance, etc., to review matters such as issuance approval, reserve assets, issuance limits, and financial stability impacts. Shin pointed out that comprehensive consideration is needed for macroeconomic impacts such as the weakening of monetary policy effectiveness and risks of circumventing foreign exchange policies.