Candidate for Governor of the Bank of Korea: Central Bank Digital Currency (CBDC) and bank-issued deposit tokens should form the core of the digital currency ecosystem

Shin Hyun Song, candidate for Governor of the Bank of Korea, stated on April 13 that central bank digital currency (CBDC) and deposit tokens—digital tokens issued by commercial banks based on CBDC—should serve as the core of the digital currency ecosystem. Shin Hyun Song noted that while he supports the introduction of won-denominated stablecoins, maintaining monetary trust remains the top priority. He believes stablecoins play a positive role in areas such as asset tokenization and programmability, and may complement or compete with deposit tokens in the future. Regarding the issuers of won stablecoins, he recommended initially permitting bank-led consortia, followed by gradual inclusion of non-bank institutions to ensure regulatory compliance. On the view that stablecoins could enhance foreign exchange transaction efficiency, he emphasized the need for careful assessment of whether blockchain technology can effectively meet relevant regulatory requirements.