Bank of Korea Prioritizes CBDC, Skips Stablecoins
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- Bank of Korea announced a bank‑led model where the central bank issues a CBDC and commercial banks provide fully convertible deposit tokens, building on the ongoing Project Hangang pilot.
- Shin Hyun‑song had earlier asserted that stablecoins would coexist with CBDCs, yet he omitted any mention of them in his inaugural address.
- Digital Asset Basic Act is being debated in Seoul to set rules for stablecoin issuance, while the BOK pledged expanded monitoring of crypto markets and 24‑hour foreign‑exchange trading.
Why it matters: Commercial banks will gain deposit‑token revenue over Shin Hyun‑song’s four‑year term, while stablecoin issuers lose market access; the BOK’s tighter crypto oversight curbs systemic risk.
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