According to DL News, 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 (BOK). Shin Hung-song has previously expressed concerns about the Korean won stablecoin. In August last year, he stated that won stablecoins could serve as a shortcut to circumvent foreign exchange controls, allowing users to convert stablecoins into USD-denominated cryptocurrencies via blockchain protocols, thereby creating a channel for capital outflows. A BIS report released last year also warned that stablecoins fail to fulfill the function of stable money and, due to regulatory gaps, may pose risks to financial stability and monetary sovereignty. The BIS stated that Shin Hung-song has immediately stepped down from his current position following his nomination. The public is now closely watching whether he will adjust his stance on stablecoins upon assuming the role of BOK Governor.
South Korean President Nominates BIS Official Shin Hung-song as New Central Bank Governor
TechFlowShare
Summary
South Korean President Lee Jae-myung has nominated Shin Hung-song, former BIS official, as the new Governor of the Bank of Korea. Shin previously warned in August 2025 that won stablecoins could facilitate capital outflows and circumvent foreign exchange controls. The BIS echoed these concerns in a 2025 report, linking stablecoins to risks for financial stability and monetary sovereignty. Shin has already departed from his BIS position. Analysts suggest that under his leadership, Bitcoin as a hedge against inflation may gain increased attention, while CFT frameworks could be tightened to address loopholes related to digital assets.
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