to leave a comment.
"Negative on virtual assets in the past... Reorganizing stance as a candidate for BOK governor"
On the 15th, Shin Hyun-song, a candidate for the Governor of the Bank of Korea, stated, "I believe that stablecoins and deposit tokens based on central bank digital currency (CBDC) each have a role within the currency ecosystem."
Candidate Shin made this statement at a parliamentary hearing of the National Assembly's Finance, Economy, and Planning Committee, saying, "They can be used depending on their purpose."
He said, "It is true that I was negative about stablecoins and virtual assets in the past," adding, "I also established a theoretical framework to some extent."
He continued, "However, in a position leading the central bank, one must consider how to develop the ecosystem in a mutually complementary way by gathering the opinions of various stakeholders rather than just one's own."
He stated, "Stablecoins can be used complementarily and competitively (with deposit tokens)," adding, "I have clarified my position that way."
Candidate Shin reaffirmed his existing position that if KRW stablecoins are to be issued, they should be issued primarily by banks.
He said, "Rather than saying banks must necessarily take the lead, it seems that such a proposal came from the premise that banks are currently best at customer identification."
He added, "Although there are criticisms that this hinders innovation, I believe that fintech companies can fully demonstrate their capabilities within a consortium."
Newsletter
Get key news delivered to your email every morning
to leave a comment.