The Governor of the Bank of Korea is cautious about the launch of the Korean won stablecoin

According to BlockBeats, on June 18th, according to the Korea Economic Daily, the Governor of the Bank of Korea, Lee Chang yong, expressed caution towards the launch of the Korean won stablecoin. Li Changyong said, "Although we do not oppose the Korean won stablecoin, we need to consider factors such as the stability of the foreign exchange market and changes in the banking industry structure. We are concerned that the Korean won stablecoin may increase the demand for US dollar stablecoins and bring difficulties to foreign exchange management. The activity of stablecoins may lead to the shift of payment and settlement functions from the banking industry to non banking industries, affecting the income structure and business model of banks The Bank of Korea has been conducting experimental research on a central bank digital currency (CBDC), but the formal issuance of stablecoins requires coordination with financial regulatory authorities. Li Changyong stated that he will coordinate policies with the Ministry of Finance, the Financial Commission, and other departments to comprehensively consider the positive functions and potential risks of stablecoins.