BOK governor nominee says CBDCs, deposit tokens should lead crypto ecosystem

Shin Hyun-song, the nominee for Governor of the Bank of Korea, stated today that Central Bank Digital Currencies (CBDCs) and commercial bank deposit tokens based on them should be at the center of the digital currency ecosystem, Yonhap News reported. In a written response for his confirmation hearing before South Korea's National Assembly Finance and Economy Committee, Shin said that while he is generally in favor of introducing a domestic won-denominated stablecoin, maintaining trust in the currency remains the top priority. He added that stablecoins could play a significant role in the future monetary system, particularly as a means of exchange for tokenized assets, and could coexist with deposit tokens in both a complementary and competitive capacity.