shinhyunsong

The new governor of Bank of Korea, Shin Hyun-song, began his tenure with a distinct vision of digital money at its core. It seems the CBDCs as well as deposit tokens that will be released by banks have become the key priorities of South Korea’s monetary future. South Korea is currently implementing a pilot scheme of these instruments.
What is striking is the absence of any references to stablecoins from his speech even though the parliamentarians of Seoul have already begun discussing regulation issues regarding cryptos. Before this speech he mentioned that stablecoins might coexist with CBDCs.
His proposal looks rather straightforward. A CBDC will be released by the central bank while regular banks will release deposit tokens that would be linked with it. Moreover, better market surveillance of cryptocurrencies and improved data access for risk management purposes were proposed as well.
Additionally, 24 hours foreign currency exchanges as well as a new offshore settlement system for the South Korean won were proposed.
#BankOfKorea #ShinHyunSong #CBDC #DigitalCurrency #CryptoRegulation