South Korea's central bank governor is cautious about launching South Korean won stablecoin
According to online reports, according to the Korea Economic Daily, South Korea's central bank governor Lee Chang-yong expressed caution about the launch of the Korean won stablecoin. Lee Chang-yong said that although he is not opposed to the Korean won stable currency, factors such as the stability of the foreign exchange market and changes in the structure of the banking industry need to be considered. Concerned that the Korean won stablecoin may increase demand for the US dollar stablecoin, causing difficulties in foreign exchange management. Active stablecoins may lead to the shift of payment and settlement functions from banking to non-banking, affecting banks 'income structure and business models. 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 financial regulators. Li Changyong said that he would conduct policy coordination with the Ministry of Finance, the Financial Committee and other departments to comprehensively consider the positive functions and potential risks of stablecoins.
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