Bank for International Settlements executive skeptical of stablecoins will become governor of the Bank of Korea

South Korean President Lee Myung-yu nominated ShinHung-song, director of the Monetary and Economic Bureau of the Bank for International Settlements (BIS), as governor of the Bank of Korea. ShinHung-song said last year that the Korean won stablecoin was a "shortcut to effectively override existing foreign exchange controls" and could open a channel for capital outflows, and stepped down from the BIS position immediately after his nomination. Previously, Lee Jae-ming had listed the issuance of Korean won stablecoins as a core issue in the campaign, but the Bank of Korea has been blocking the advancement of relevant legislation. Many large South Korea technology companies have been waiting for the implementation of the stablecoin policy for several months. A report released by the BIS last year pointed out that stablecoins do not have the function of stabilizing money and may pose risks to financial stability and currency sovereignty. Industry insiders said that ShinHung-song's stance on stablecoins will be closely watched after taking office.