In his inaugural address, Bank of Korea Governor Shin Hyun-song highlighted the importance of central bank digital currencies and bank-issued tokens, omitting any mention of stablecoins as the country considers new cryptocurrency regulations. Shin, who began his term, referenced the bank's ongoing retail CBDC pilot, Project Hangang, and its participation in Project Agorá, a cross-border tokenization initiative. He positioned digital currency as part of a larger shift in central banking amid economic challenges and slower growth. Notably, stablecoins were absent from his remarks, despite being a key topic in policy discussions in Seoul.
The governor had previously stated that stablecoins could coexist with CBDCs and deposit tokens in a complementary manner. His speech outlined a model where the central bank issues a CBDC, while commercial banks provide fully convertible deposit tokens.
Shin also announced plans to increase scrutiny of crypto markets and non-bank finance, expand monitoring of cryptocurrencies, and improve access to data for tracking financial risks. Additionally, he pledged to modernize currency markets, including the introduction of 24-hour foreign exchange trading and an offshore won settlement system.