The governor of the Bank of Korea: If the Korean won stablecoin is introduced rashly, it will worry about exchange rate fluctuations and capital outflows

Rhee Chang-yong, governor of the Bank of Korea (central bank), said that "if you rashly introduce the Korean won stablecoin, you will be very worried about exchange rate fluctuations in the foreign exchange market and capital outflows."
"A lot of people will take the won stablecoin overseas, which is really worrying," Li said at the National Assembly Planning and Finance Committee's National Affairs Inspection on the same day. He also stressed: "It is important to start with the bank as the core to carry out the pilot, and then gradually expand the scope of promotion after the control of foreign exchange outflows is effective."
He reiterated his concerns: "From the perspective of the authorities responsible for foreign exchange management, this issue is highly alarming. If the Korean won stablecoin is launched, there is a great possibility of circumventing foreign exchange controls."
In response to the support for the introduction of the Korean won stablecoin put forward by Andujit, a member of the Common Democratic Party, President Lee clearly expressed a different position, saying that "my opinion is completely different from yours".
At the same time, he pointed out: "I don't think the launch of the Korean won stablecoin will reduce the demand for US dollar stablecoins, after all, those who want to convert their assets to US dollars will still choose to use US dollar stablecoins."
He added: "While it is premature to think that US dollar stablecoins will dominate the Korean won payment market, further efforts are needed to improve relevant regulatory measures as their usage is bound to increase significantly in the future."