President of the Bank of Korea: Stablecoins should be introduced as soon as possible and should be issued with banks at the center

Foresight News reports, citing Edaily, that Shin Hyun-song, Governor of the Bank of Korea, stated at the National Assembly’s Finance Committee plenary session that Korea should introduce a regulatory framework for KRW stablecoins as soon as possible. He emphasized that a competitive and complementary relationship should be maintained between stablecoins and deposit tokens. When introducing KRW stablecoins, it is necessary to prioritize issuance by bank-centric consortia, and to establish statutory policy institutions and other security mechanisms among relevant organizations to minimize risk. He also called for the swift advancement of the Digital Asset Basic Law (second phase legislation). In addition, Yoo Dong-soo, Chairman of the National Assembly’s Political Affairs Committee, also said legislation should be expedited and requested the Financial Services Commission to submit a government proposal.