{"id":84465,"date":"2026-04-22T08:01:35","date_gmt":"2026-04-22T08:01:35","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=84465"},"modified":"2026-04-22T08:01:35","modified_gmt":"2026-04-22T08:01:35","slug":"no-stablecoin-mention-bank-of-koreas-new-governor-signals-cbdc-push","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=84465","title":{"rendered":"No Stablecoin Mention: Bank Of Korea\u2019s New Governor Signals CBDC Push"},"content":{"rendered":"
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The newly appointed Governor of the Bank of Korea (BOK) has delivered his first policy address in office, highlighting central bank digital currencies (CBDCs) and bank-issued deposit tokens while skipping any mention of stablecoins, despite South Korea\u2019s efforts to develop a related framework and establish a local market.<\/p>\n

New BOK Governor Pushes For CBDCs<\/h2>\n

In an inauguration speech on Tuesday, Bank of Korea\u2019s new governor, Shin Hyun-song, began his term outlining<\/a> the priorities the central bank will focus on over the next four years.<\/p>\n

The BOK Governor, who is also a former head of the Monetary and Economic Department at the Bank for International Settlements (BIS), addressed the central bank\u2019s role in a digitalized financial environment.<\/p>\n

Shin affirmed that the BOK\u2019s mission is to safeguard trust in money and the stability of payments and settlements, while preparing for digital financial innovation. He also shared that internationalizing the won is \u201can important task to establish a currency infrastructure befitting our economy\u2019s status,\u201d highlighting CBDCs and bank-issued deposit tokens as key pieces to boost the won.<\/p>\n

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Through Phase 2 of Project Han River, we will increase the usability of CBDC and deposit tokens, and through international cooperation such as the Agora Project, we will enhance the won\u2019s standing even in a digital payments environment.<\/p>\n<\/blockquote>\n

However, he noted that the efforts to internationalize the won and innovate South Korea\u2019s currency regime should not undermine the country\u2019s financial stability. Therefore, the BOK must implement safeguards and a \u201cmacroprudential framework suited to the changed environment,\u201d which it will discuss and develop.<\/p>\n

Despite his pro-innovation stance, the new BOK governor failed<\/a> to mention stablecoins during his inaugural speech, potentially signaling that the tokens could take a secondary role under his tenure.<\/p>\n

Shin had previously addressed the topic, asserting that won-denominated stablecoins would play a role in the currency \u200cecosystem of the future and could co-exist with CBDCs and deposit tokens.<\/p>\n

\u201cI expect that central bank digital \u200bcurrencies and deposit tokens will be able to \u200bcoexist with stablecoins in a manner that is \u2060supplementary and competitive to each other,\u201d he said on April 14.<\/p>\n

South Korea\u2019s Stablecoin Legislation Stalls<\/h2>\n

It\u2019s worth noting that stablecoins have been a crucial part of the country\u2019s digital transformation and have dominated South Korea\u2019s policy debates over the past year. Last year, lawmakers delayed<\/a> the Second Phase of the Virtual Asset User Protection Act, known as the Digital Assets Act, due to a disagreement between the FSC and the BOK.<\/p>\n

As reported by Bitcoinist, the highly anticipated legislation is expected to address the issuance and distribution of won-pegged tokens. However, the financial institutions couldn\u2019t agree on the extent of banks\u2019 role in the issuance of stablecoins, despite agreeing that financial institutions must be involved.<\/p>\n

While the central bank pushed for a consortium of banks owning at least 51% of any stablecoin issuer seeking approval in the country, the FSC was concerned that giving banks a majority stake could reduce participation from tech firms and limit the market\u2019s innovation.<\/p>\n

Last week, South Korean lawmakers urged<\/a> the government to prioritize stablecoin legislation. At a Korean Commercial Law Association conference in Seoul, Representative Kim Sang-hoon publicly asked the National Assembly to approve the Digital Asset Act.<\/p>\n

The chairman of the Special Committee on Digital Assets and a key lawmaker from the ruling People Power Party (PPP) expressed concerns<\/a> about the delay, warning that while politicians argue over governance structures, the market is moving without them.<\/p>\n

\u201cAt a time when institutionalization is urgently needed, governance issues such as restrictions on major shareholders\u2019 stakes have suddenly taken center stage in the discussion, while the essential discussions on market stability and support for innovation\u2014which are the core of the bill\u2014are being pushed to the sidelines,\u201d he stated.<\/p>\n

\"stablecoin,<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The newly appointed Governor of the Bank of Korea (BOK) has delivered his first policy address in office, highlighting central bank digital currencies (CBDCs) and bank-issued deposit tokens while skipping any mention of stablecoins, despite South Korea\u2019s efforts to develop a related framework and establish a local market. New BOK Governor Pushes For CBDCs In […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-84465","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/84465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=84465"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/84465\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=84465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=84465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=84465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}