TechFlow News, March 23: According to DL News, on March 22, South Korean President Lee Jae-myung nominated Shin Hung-song, Director of the Monetary and Economic Department at the Bank for International Settlements (BIS), as Governor of the Bank of Korea (BOK).
Shin Hung-song has previously voiced concerns about the Korean won (KRW) stablecoin. In August last year, he stated that KRW stablecoins serve as a shortcut to circumvent foreign exchange controls, enabling users to convert stablecoins into U.S. dollar–denominated cryptocurrencies via blockchain protocols—thereby creating channels for capital outflows. A report published by the BIS last year similarly warned that stablecoins cannot fulfill the functions of stable money and, due to regulatory gaps, may pose risks to financial stability and monetary sovereignty.
The BIS confirmed that Shin Hung-song immediately stepped down from his current position upon receiving the nomination. Market observers are now watching closely to see whether his stance on stablecoins will shift following his appointment as BOK Governor.
