In his inaugural address, Bank of Korea Governor Shin Hyun-song highlighted the importance of central bank-issued digital currencies and bank-issued deposit tokens, omitting any reference to stablecoins as the country considers new cryptocurrency regulations. Shin, who commenced his four-year term, drew attention to the bank's ongoing retail central bank digital currency and deposit-token pilot project, as well as its participation in a global cross-border tokenization initiative. He positioned digital currencies as a key aspect of the central bank's strategy amidst economic challenges and slower domestic growth. Notably, Shin's remarks excluded stablecoins, a topic currently dominating policy discussions in Seoul, where lawmakers are debating the Digital Asset Basic Act.
The governor had previously suggested that stablecoins could coexist with central bank digital currencies and deposit tokens in a competitive manner, proposing that stablecoin issuance should be initiated by regulated banks. Shin also outlined plans to increase scrutiny of cryptocurrency markets and non-bank financial institutions, expand data access to monitor financial risks, and modernize currency markets, including the introduction of 24-hour foreign exchange trading and an offshore settlement system.