New Bank of Korea governor prioritizes central bank digital currencies over stablecoins in first policy speech

Bank of Korea Governor Shin Hyun-sung He started His four-year term on Tuesday, he delivered his first speech in office to set priorities Central bank digital currencies Deposit codes issued by the bank, omitting any mention of them stablecoins.

For all reports in Local mediaThe governor opened his speech by declaring: “In this time of transition, we must ask again what the role of the central bank is.”

Shen said that through the second phase of the pilot of retail central bank digital currencies (CBDC) and deposit tokens Project evenThe bank will “increase the usability of central bank digital currencies and deposit tokens,” while also highlighting its role in cross-border tokenization efforts. Agora Project.

Silence on stablecoins

The delisting of stablecoins represents a shift from Shen’s previous stance. During his confirmation hearings, he Acknowledge the role For private stablecoins, It is useful They will be “able to coexist complementary and competitively with deposit tokens” and will play a “sufficient role” within the future currency ecosystem.

Meanwhile, the South Korean won is 1 For the first time in February as the first fully regulated stablecoin in South Korea through a partnership between cryptocurrency custody service provider BDACS and Woori Bank. The country Suggested The Digital Assets Basic Law, which is still under legislative consideration, will establish rules for digital assets including the issuance of stablecoins.

The governor’s silence on stablecoins comes amid an ongoing conflict between them Ruling and opposition parties on stablecoin regulation. The Bank of Korea has been actively involved in the digital currency discussion, previously with Shin Meeting with bank presidents In mid-2025 as discussions intensify. In 2023, the central bank entered into a partnership with… Samsung explores offline CBDC paymentsThis indicates its commitment to state-backed digital currency solutions.

Aside from cryptocurrencies, Shen talked about comprehensive reforms in the financial market. The governor, who will chair his first political meeting on May 28, announced plans to actively promote the internationalization of the Korean won, including pushing for the operation of a 24-hour foreign exchange market and establishing an offshore won payment system, according to NBC. Local reports.

Regarding monetary policy, Shin indicated caution, after the central bank kept the benchmark interest rate at 2.50% Amid geopolitical uncertainty earlier this month. He added: “Given the uncertainty about inflation and growth paths, monetary policy should be managed in a cautious and flexible manner to ensure the stability of prices and financial markets.” Shane said.