- New central bank chief backs CBDCs and deposit tokens
- Stablecoins were notably not mentioned
- Korea continues working on crypto regulation
- Shift may shape the country’s digital finance direction
Central Bank Focuses on Digital Currency
The new governor of the Bank of Korea, Shin Hyun-song, has outlined plans to expand digital finance in his first speech.
He emphasized the role of central bank digital currencies (CBDCs) and deposit tokens as key parts of the future financial system.
Stablecoins Left Out of the Plan
Notably, Shin did not mention stablecoins, despite ongoing efforts in South Korea to build a legal framework for them.
This is important because local banks and lawmakers have been actively preparing for a won-based stablecoin market.
Mixed Signals on Policy Direction
Shin has previously been critical of stablecoins, arguing they cannot replace traditional currencies.
However, more recently he suggested that stablecoins and CBDCs could exist together, showing a more balanced view.
What Comes Next
South Korea is expected to continue developing its broader crypto regulations, including the Digital Asset Basic Act.
The central bank’s focus on CBDCs suggests it wants to play a leading role in shaping the country’s digital payment system.
