BOK governor nominee backs introduction of won stablecoin

Shin Hyun-song, a nominee for Governor of the Bank of Korea, is in favor of introducing a won-denominated stablecoin and believes it can coexist with a central bank digital currency (CBDC) and deposit tokens, Digital Asset reported on April 6. Citing materials from the office of People Power Party lawmaker Park Seong-hoon, the report noted Shin's view that stablecoins will have a sufficient role in the future monetary ecosystem. He highlighted their positive effects, including their use as a means of transaction for tokenized assets and their support for programming functions.