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Bank of Korea’s new governor signals CBDC and bank token push, skips stablecoins in key address
The BOK will increase scrutiny of crypto markets and non-bank finance, and will also modernize currency markets for 24-hour foreign exchange trading, he said.
Apr 21, 2026, 10:08 a.m.
What to know:
- Bank of Korea’s new governor Shin Hyun-song prioritized a CBDC and bank-issued deposit tokens in a key address, centering them in Korea’s digital money strategy.
- He omitted stablecoins from his remarks during the Digital Asset Basic Act debate, despite previously supporting a limited, competitive role.
- The BOK will increase scrutiny of crypto markets and non-bank finance, and will also modernize currency markets for 24-hour foreign exchange trading, he said.
He framed digital currency as part of a broader shift in central banking during a period of economic strain and slower domestic growth.
The absence of stablecoins from his remarks stood out. The issue has dominated policy debate in Seoul, with lawmakers considering the Digital Asset Basic Act, which would set rules for stablecoin issuance.
Shin had told lawmakers at his confirmation hearing that stablecoins could coexist with CBDCs and deposit tokens in a “supplementary and competitive” manner.
His speech also outlined a bank-led model where the central bank would issue a CBDC, while commercial banks would provide deposit tokens fully convertible into it. Shin has argued that any stablecoin issuance should begin with regulated banks.
