"In the future, in order to add programming functions to the currency, the won stablecoin will be necessary, but it is more sensible to start with the banks and then gradually expand it," said Rhee Chang-yong, governor of the Bank of Korea (central bank), on the 19th. On the same day, when attending the National Assembly Planning and Finance Committee, he pointed out the latent risks of stablecoins one by one in response to the questions of lawmakers about the timing of the introduction of stablecoins and the issuers, showing a cautious attitude.
Regarding the conditions for issuers, he stressed: "In order to prevent money laundering problems, only large enterprises with systems such as KYC (customer identification) and a certain scale should be allowed to issue. But if large non-bank enterprises are allowed to issue, the existing bank-centric financial industry structure may undergo unknown changes, so it needs to be treated with caution." He explained that this is equivalent to allowing payment settlement banks with narrow banking functions (Narrow Banking) **, which may lead to a decrease in bank deposits and profitability.
Bank of Korea governor: Korean won stablecoins should be gradually introduced from banks
2025-08-19 05:34:28
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