[International Settlements Bank Executive Skeptical of Stablecoins Appointed as Governor of the Bank of Korea] Odaily Planet Daily News – On March 22, South Korean President Lee Jae-myung nominated Shin Hung-song, Director of the Monetary and Economic Department at the Bank for International Settlements (BIS), as the Governor of the Bank of Korea. Shin Hung-song stated in August last year that the Korean won stablecoin is 'an effective shortcut to bypass existing foreign exchange controls,' which could open a channel for capital outflows. He immediately resigned from his BIS position following the nomination. Previously, Lee Jae-myung had made the issuance of a Korean won stablecoin a core campaign issue, but the Bank of Korea has consistently blocked the advancement of related legislation. Several major South Korean tech companies have been waiting for stablecoin policies to be implemented for months. A report released by BIS last year pointed out that stablecoins do not possess the functions of stable currencies and may pose risks to financial stability and monetary sovereignty. Industry insiders have stated that Shin Hung-song's stance on stablecoins will be closely watched after he assumes office.