BIS Executive Skeptical of Stablecoins to Become Head of South Korea's Central Bank

SmartContractAuditor · 2026-03-23T00:54:57+00:00

South Korean President Lee Jae-myung has nominated Shin Hung-song, head of the BIS Monetary and Economic Department, as central bank governor, with focus on his stance toward the Korean won stablecoin. Previously, Shin warned that stablecoins could impact financial stability, and related legislation has progressed slowly.

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2026-03-23 00:54:57

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Odaily Planet Daily News: South Korean President Lee Jae-myung nominated Shin Hung-song, Director of the Bank for International Settlements (BIS) Monetary and Economic Department, to serve as the Governor of the Bank of Korea on March 22. Shin Hung-song previously stated in August last year that the Korean won stablecoin is “an effective shortcut to bypass existing foreign exchange controls,” which could open channels for capital outflows. He immediately resigned from his BIS position after the nomination.

Previously, Lee Jae-myung had listed the issuance of the Korean won stablecoin as a core campaign issue, but the Bank of Korea has been blocking related legislation. Several large South Korean tech companies have been waiting for stablecoin policy implementation for months. A BIS report released last year indicated that stablecoins do not possess the functions of stable currencies and may pose risks to financial stability and monetary sovereignty. Industry insiders say that Shin Hung-song’s stance on stablecoins will be closely watched after his appointment.

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