Bank of Korea nominee Shin Hyun-song backs CBDC and bank deposit tokens over stablecoins as core of digital money system

Shin Hyun-song, President Lee Jae-myung's nominee to lead the Bank of Korea, told parliament that a CBDC and bank-issued deposit tokens should form the core of Korea's digital money system, with stablecoins relegated to a supplementary role. He framed the three as "complementary and competitive" but the ranking is clear: central bank money first, bank liabilities second, stablecoins last. Lands two months after Woori Bank launched KRW1, Korea's first regulated stablecoin — signaling the BoK wants stablecoin growth contained under bank-led issuance and strict AML controls.

TLDR by @Benthic

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