South Korean President nominates BIS official Shin Hung-song as Governor of the Bank of Korea, who has previously publicly questioned stablecoins.

DeepFlowTech · 2026-03-23T00:53:59+00:00

South Korea's president nominates Shin Hung-song as central bank governor, whose concerns about the Korean won stablecoin have drawn attention. A BIS report warns that stablecoins may affect financial stability and monetary sovereignty. The market is watching whether his stance on stablecoins will change after taking office.

DeepFlowTech

2026-03-23 00:53:59

Abstract generation in progress

Deep Tide TechFlow News, March 23 — According to DL News, South Korean President Lee Jae-myung nominated Shin Hung-song, Director of the Bank for International Settlements (BIS) Monetary and Economic Department, to serve as Governor of the Bank of Korea (BOK) on March 22.

Shin Hung-song previously expressed concerns about the stability of the Korean won stablecoin. In August last year, he stated that the Korean won stablecoin is a shortcut to bypass foreign exchange controls, allowing users to exchange stablecoins for dollar-denominated cryptocurrencies via blockchain protocols, thus creating a capital outflow channel. A BIS report released last year also warned that stablecoins cannot fulfill the functions of a stable currency and, due to regulatory gaps, may pose risks to financial stability and monetary sovereignty.

BIS officials stated that Shin Hung-song immediately resigned from his current position after being nominated. The public is now focused on whether he will adjust his stance on stablecoins after taking office as BOK Governor.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.