TechFlow news, July 09, according to Edaily, Bank of Korea Governor Shin Hyun-song stated at a National Assembly meeting that relevant systems for KRW stablecoins and legislation for the "Digital Asset Basic Act" should be advanced as soon as possible, emphasizing that a competitive and complementary relationship will form between stablecoins, deposit tokens, and central bank digital currencies.
The Bank of Korea also suggested that KRW stablecoins should preferably be issued by consortia with majority bank ownership, and that a statutory policy coordination mechanism involving the Bank of Korea, the Financial Services Commission, and the Ministry of Finance be established to reduce potential risks to monetary policy, foreign exchange policy, and financial stability. Currently, disagreements still exist within the Korean political arena and market regarding whether banks should lead stablecoin issuance.
