In his first official speech, Bank of Korea Governor Shin Hyun-song emphasized the importance of central bank digital currencies and bank-issued tokens, omitting any reference to stablecoins as the country considers new cryptocurrency regulations. Shin, who began his term, referenced the bank's ongoing pilot projects, including Project Hangang for retail CBDC and deposit tokens, as well as its participation in the cross-border tokenization initiative, Project Agorá. He views digital currency as part of a broader central banking shift amid economic challenges and slower growth. Notably, stablecoins were not mentioned, despite being a key topic in Seoul's policy debates, particularly with the proposed Digital Asset Basic Act.
Shin had previously suggested that stablecoins could coexist with CBDCs and deposit tokens. The governor outlined a model where the central bank issues a CBDC, and commercial banks provide fully convertible deposit tokens. He also emphasized the need for closer monitoring of crypto markets, non-bank finance, and expanded data access to track financial risks.
Additionally, Shin pledged to modernize currency markets, including the introduction of 24-hour foreign exchange trading and an offshore won settlement system.