The new governor of the Bank of Korea promised to promote CBDC and deposit tokens, and his attitude towards stablecoins is questionable

Comparatively, according to The Block, the Bank of Korea's new governor Shin Hyun-song (Shin Hyun-song) delivered an inaugural speech, promising to promote the development of central bank digital currency (CBDC) and deposit tokens, and will expand related applications through the second phase of the “Han River Project” and participate in global cooperation such as Project Agora to strengthen the won's position in the global payment system.

Notably, Shin Hyun-sung did not mention the South Korean won stablecoin in his speech. Although South Korean legislators are actively promoting the Basic Law on Digital Assets to establish a stablecoin legal framework, discussions are expected to resume after the June 3 regional elections. Shin Hyun-sung previously had a negative attitude towards stablecoins during his tenure at the Bank for International Settlements (BIS), believing that stablecoins cannot replace currencies, but his position has reportedly changed, saying that Korean won stablecoins should coexist with CBDC.