South Korea’s New Central Bank Governor Pledges to Advance CBDC and Deposit Tokens, Expresses Skepticism Toward Stablecoins
According to The Block, Shin Hyun-song, the newly appointed governor of the Bank of Korea, delivered his inaugural speech on April 21, pledging to advance the development of a central bank digital currency (CBDC) and deposit tokens. He also announced plans to expand related applications through Phase II of the “Han River Project” and participate in global initiatives such as Project Agora to strengthen the won’s position within the global payment system.
Notably, Shin did not mention the won-pegged stablecoin in his speech, despite South Korean lawmakers actively advancing the “Digital Asset Basic Act” to establish a legal framework for stablecoins—the related discussions are expected to resume after the regional elections on June 3. During his prior tenure at the Bank for International Settlements (BIS), Shin held a negative view of stablecoins, arguing they cannot serve as a substitute for money. However, reports indicate his stance has since shifted, with Shin now stating that won-pegged stablecoins should coexist alongside CBDCs.
