Odaily Planet Daily report: On March 22, South Korean President Lee Jae-myung nominated Shin Hung-song, Director of the Monetary and Economic Department at the Bank for International Settlements (BIS), as Governor of the Bank of Korea. Shin Hung-song previously stated in August last year that the Korean won stablecoin is "a shortcut to effectively circumvent existing foreign exchange controls" and could open a channel for capital outflows; he immediately resigned from his BIS position following his nomination.
Previously, Lee Jae-myung listed the issuance of a Korean won stablecoin as a core campaign issue, but the Bank of Korea has consistently blocked progress on related legislation, leaving several major South Korean tech companies waiting for months for stablecoin policy to be finalized. A report released by the BIS last year stated that stablecoins do not function as stable money and may pose risks to financial stability and monetary sovereignty. Industry insiders say Shin Hung-song’s stance on stablecoins will be closely watched following his appointment.