Bank of Korea Governor Nominee Shin Hyun-song Signals Openness to CBDC and Private Stablecoins, Unveils Won Internationalization Plan

Gate News message, April 15 — Shin Hyun-song, nominee for Bank of Korea governor, stated at a parliamentary confirmation hearing today that central bank digital currencies (CBDCs) and private stablecoins can coexist in a complementary and competitive relationship. Responding to a lawmaker’s question about his previously skeptical stance on digital assets, Shin said he has “opened up a bit” and is now receptive to both CBDCs and privately issued stablecoins.

Shin outlined his vision for won internationalization, emphasizing a three-pronged approach: currency internationalization, innovation, and macroprudential stability. He cited the Bank for International Settlements’ Agora project (a cross-border payment initiative) as a model for promoting the won in international transactions. Shin also proposed bringing offshore non-deliverable forwards (NDFs), currently difficult to monitor, into the regulatory framework to enhance macroprudential oversight.

Addressing concerns over potential conflicts of interest, Shin disclosed that his family holds 8.24 billion won in total assets, including 4.57 billion won in overseas financial and real estate holdings. He pledged to dispose of these foreign assets “100% in the short term” to avoid conflicts, noting that he has already sold 1.89 billion won worth of ETFs and UK government bonds, with plans to divest remaining overseas holdings sequentially.