BlockBeats News, June 18 – According to a report by The Korea Economic Daily, the Governor of the Bank of Korea, Rhee Chang-yong, has expressed a cautious stance towards the introduction of a Korean won stablecoin. Rhee Chang-yong stated, "While I do not oppose a Korean won stablecoin, factors such as foreign exchange market stability and changes in the banking sector structure must be considered. There is concern that a Korean won stablecoin might increase demand for USD stablecoins, complicating foreign exchange management. The active use of stablecoins could shift payment and settlement functions from the banking sector to non-banking entities, potentially impacting banks' revenue structures and business models."
The Bank of Korea has been conducting experimental research on Central Bank Digital Currencies (CBDCs). However, the official issuance of stablecoins would require coordination with financial regulatory authorities. Rhee Chang-yong stated that the bank will work with agencies such as the Ministry of Finance and the Financial Services Commission to align policies, comprehensively assessing the positive functions and potential risks of stablecoins.
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