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International Bank of Settlements Executive Skeptical of Stablecoins to Become Bank of Korea Governor
Summary: According to reports, South Korean President Lee Jae-myung has nominated Shin Hung-song, head of the Monetary and Economic Bureau at the Bank of International Settlements (BIS), to become the Governor of the Bank of Korea. Shin Hung-song previously stated last year that stablecoins in South Korea are a 'shortcut to effectively bypass existing foreign exchange ...
According to reports, South Korean President Lee Jae-myung has nominated Shin Hung-song, head of the Monetary and Economic Bureau at the Bank of International Settlements (BIS), to become the Governor of the Bank of Korea. Shin Hung-song previously stated last year that stablecoins in South Korea are a 'shortcut to effectively bypass existing foreign exchange controls,' potentially opening channels for capital outflows, and immediately resigned from his position at the BIS after the nomination. Previously, Lee Jae-myung had made the issuance of stablecoins a core topic in his election campaign, but the Bank of Korea has been blocking related legislative progress, leaving many large tech companies in South Korea waiting for stablecoin policies to be implemented for months. A report released by the BIS last year pointed out that stablecoins do not possess the functions of stable currencies and may pose risks to financial stability and monetary sovereignty. Industry insiders indicate that Shin Hung-song's stance on stablecoins will be closely monitored once he assumes office.
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Link: International Bank of Settlements Executive Skeptical of Stablecoins to Become Bank of Korea Governor [Copy]
