The new governor of the Bank of Korea promises to promote CBDC and deposit tokens, but doubts remain about their stance on stablecoins.

Golden Finance reports that, according to The Block, the new Governor of the Bank of Korea, Shin Hyun-song, delivered an inaugural speech, promising to promote the development of central bank digital currencies (CBDCs) and deposit tokens, and to expand related applications through the second phase of the “Han River Project,” while also participating in global collaborations such as Project Agora to strengthen the Korean won’s position in the global payment system.
It is noteworthy that Shin Hyun-song did not mention the Korean won stablecoin in his speech, despite Korean legislators actively advancing the “Digital Asset Basic Act” to establish a legal framework for stablecoins. Discussions on this are expected to resume after the regional elections on June 3.
Shin Hyun-song previously held a negative view of stablecoins during his tenure at the Bank for International Settlements (BIS), believing that stablecoins could not replace currency, but reports indicate that his stance has shifted, stating that the Korean won stablecoin should coexist with the CBDC.