The Bank of Korea's nominee, Shin Hyun-song, has expressed support for a digital currency system led by the central bank, with stablecoins playing a secondary role. He believes that central bank digital currencies and deposit tokens should form the core of South Korea's digital money system, with stablecoins serving as supplementary tools. In his written remarks, Shin emphasized the need for trust in the currency and stressed that stablecoins should be used for specific purposes, such as trading tokenized assets and enabling programmable payments, rather than as a replacement for state-backed money. He also highlighted the importance of compliance with anti-money laundering and customer verification rules, suggesting that stablecoin issuance should begin with regulated banks.
The nominee's proposal aligns with the central bank's existing position and comes as policymakers debate the future of digital currencies in the country.