Bank of Korea nominee backs central bank-led digital currency, sees limited role for stablecoins

The nominee, Shin Huyn-song, supported a central bank digital currency model, emphasizing the need for strict anti-money laundering and compliance controls. What to know : Shin Huyn-song, the nominee to become governor of the Bank of Korea, is prioritizing a potential central bank digital currency and bank deposit tokens over privately issued stablecoins. Shin said he supported a bank-led issuance model, emphasizing strict anti-money laundering (AML) and compliance controls. He expressed doubt about the role of cryptocurrencies as money and their potential to improve foreign exchange efficiency.