Express
Bank of Korea Official: Stablecoins Need Central Bank Backing
Summary: According to Ledger Insights, during a stablecoin seminar involving industry and academia, Bank of Korea's digital currency research head Yoon Sung-keun stated that stablecoins are not new currencies, but rather existing currencies tokenized and operated on a distributed ledger. He emphasized that for stable operation, ultimately central bank backing is needed. Recently, several Korean banks ...
According to Ledger Insights, during a stablecoin seminar involving industry and academia, Bank of Korea's digital currency research head Yoon Sung-keun stated that stablecoins are not new currencies, but rather existing currencies tokenized and operated on a distributed ledger. He emphasized that for stable operation, ultimately central bank backing is needed. Recently, several Korean banks have formed a stablecoin exploration alliance, leading to a delay in the next phase of central bank tokenized deposits and wholesale CBDC trials. The new government plans to introduce stablecoin-related legislation after the election, with the initial draft limiting the central bank's role in stablecoin regulation, but adjustments have already been made to the framework. The Bank of Korea has previously expressed reservations about stablecoins.
