The governor of the Bank of Korea is cautious about launching a Korean won stablecoin

According to the Korea Economic Daily, the governor of the Bank of Korea, Rhee Chang-yong, expressed a cautious attitude towards the launch of the Korean won stablecoin. Rhee Chang-yong said that although he is not opposed to the Korean won stablecoin, he needs to consider factors such as the stability of the foreign exchange market and changes in the structure of the banking industry. Concerns that the Korean won stablecoin may increase the demand for US dollar stablecoins, bringing difficulties to foreign exchange management. The active stablecoin may lead to the transfer of payment and settlement functions from the banking industry to the non-banking industry, affecting the bank's income structure and business model. The Bank of Korea has been conducting experimental research on the central bank digital currency (CBDC), but the official issuance of stablecoins needs to be coordinated with the financial regulatory authorities. Rhee Chang-