TechFlow news, June 18 — According to the Korea Economic Daily, Bank of Korea Governor Lee Chang-yong expressed cautious stance toward launching a won-denominated stablecoin. While not opposing won stablecoins per se, Lee emphasized the need to consider factors such as foreign exchange market stability and changes in banking structure. He voiced concerns that won stablecoins could increase demand for dollar-denominated stablecoins, complicating foreign exchange management.
Lee also highlighted that active stablecoin adoption might shift payment and settlement functions from banks to non-bank entities, affecting banks' revenue models and business structures. The Bank of Korea has been conducting experiments and research on central bank digital currency (CBDC), but any official issuance of stablecoins would require coordination with financial regulators.
Lee stated that policy coordination will be carried out with ministries including the Ministry of Economy and Finance and the Financial Services Commission, comprehensively weighing the potential benefits and risks of stablecoins.
