Bank of Korea Governor Outlines CBDC, Deposit Token Expansion and Won Internationalization Strategy

Gate News message, April 21 — South Korea’s central bank Governor Shin Hyun-song pledged in his inaugural address to increase the adoption of central bank digital currencies (CBDC) and deposit tokens through Project Hangang Phase 2, while making no mention of stablecoins.

Shin outlined three strategic pillars: won internationalization, payment innovation, and macroprudential frameworks. He committed to advancing a 24-hour foreign exchange market and establishing an offshore won settlement system to enhance won’s status in digital payments. He also stated that safeguards are necessary to prevent monetary system innovation from compromising financial stability, and pledged to discuss macroprudential frameworks suited to the changing environment. Through international cooperation initiatives like the Agora Project, the central bank aims to strengthen the won’s position in the digital payment ecosystem.

Shin previously held a negative stance on stablecoins during his tenure at the Bank for International Settlements (BIS) but shifted his position after being nominated as central bank governor, stating that stablecoins can coexist with CBDCs in the digital currency ecosystem.