The nominee to lead the Bank of Korea, Shin Hyun-song, has proposed that the country's digital money system should be centered around a central bank digital currency and bank-issued deposit tokens, with stablecoins playing a secondary role. He noted that these two should coexist and compete with stablecoins in a supplementary manner. Shin expressed support for introducing a won-based stablecoin, but stressed that trust in the currency must be established first. He views stablecoins as useful for trading tokenized assets and enabling programmable payments, rather than as a replacement for state-backed money.
Shin's proposal is in line with the central bank's position that stablecoin issuance should begin with regulated banks, citing compliance demands such as anti-money laundering and customer checks. He also questioned the claim that blockchain-based coins would improve foreign exchange efficiency, citing regulatory compliance uncertainty and added costs. The Bank of Korea has warned that privately issued tokens could pose risks to monetary policy and financial stability, and has called for strict oversight, including anti-money laundering and customer verification rules.