South Korea Central Bank Nominee Says KRW Stablecoins Can Coexist in Future Monetary Ecosystem

Gate News message, April 15 — Shin Hyun-song, nominee for governor of the Bank of Korea, stated at a parliamentary hearing today that Korean won stablecoins could coexist in the future monetary ecosystem. Speaking before the National Assembly’s Strategy and Finance Committee, Shin said KRW stablecoins are expected to coexist in a complementary and competitive manner within the future monetary system.

Shin outlined plans to strengthen the digital currency ecosystem through Project Hangang Phase 2, which will increase the utilization of central bank digital currency (CBDC) and deposit tokens based on central bank credibility. He also pledged active participation in the Agora project to systematically connect cross-border payment platforms.

Project Hangang is the Bank of Korea’s CBDC pilot program; Phase 2 will be implemented in conjunction with government subsidies. The Agora project is a collaborative initiative between the Bank for International Settlements (BIS) and central banks from seven countries, including South Korea, the U.S., and the U.K., aimed at improving cross-border payment systems using deposit tokens and wholesale CBDC.