Bank of Korea nominee backs central bank-led digital currency, sees limited role for stablecoins

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Shin Hyun-song, Bank of Korea's nominee, supports central bank digital currencies and bank-issued deposit tokens as South Korea's digital money core. Stablecoins should play secondary roles alongside CBDCs, he stated before his April 15 confirmation hearing. Shin backs won-based stablecoins but emphasizes trust and regulation first. He supports bank-led stablecoin issuance due to compliance standards. Cryptocurrencies lack money's fundamental functions, he said.

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