South Korea's New Central Bank Governor Commits to CBDC and Deposit Tokens, Stablecoin Stance Unclear

Gate News message, April 21 — South Korea’s newly appointed central bank governor Shin Hyun-song pledged to advance the development of a central bank digital currency (CBDC) and deposit tokens in his inaugural address on April 21. He outlined plans to expand these initiatives through the second phase of the “Han River Project” and to participate in global collaborations including Project Agora to strengthen the won’s position in the global payments system.

Notably, Shin made no mention of a won-backed stablecoin, despite South Korean lawmakers actively advancing the “Digital Asset Basic Law” to establish a legal framework for stablecoins; related discussions are expected to resume after regional elections on June 3. Shin previously held a skeptical view of stablecoins while serving at the Bank for International Settlements (BIS), arguing that stablecoins cannot replace fiat currency. However, his stance has reportedly shifted, with him now stating that won stablecoins should coexist with CBDCs.