South Korea · Democrats · Cointelegraph
Bank of Korea stands company on bank-led stablecoin push as deposit token pilots further
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The Bank of Korea reiterated its call for bank-led won stablecoin issuance while advancing deposit token pilots, as issuer rules remain a sticking point in South Korea’s digital asset bill.
Key facts
- In April, BOK Governor Hyun-Song Shin expressed support for deposit tokens and central bank digital currencies (CBDCs) in his first public address, while South Korea’s Ministry of Economy and Finance
- The BOK’s latest comments add to a policy standoff that has slowed progress on South Korea's Digital Asset Basic Act
- In April, the ruling Democratic Party proposed to put stablecoins and RWAs under existing financial laws
- The Bank of Korea (BOK) has doubled down on its stance that won-denominated stablecoins should first be issued through bank-led consortiums
Summary
The Bank of Korea (BOK) has doubled down on its stance that won-denominated stablecoins should first be issued through bank-led consortiums. According to local reports from Digital Asset and EDaily, the central bank made the comments in materials submitted on Thursday to the National Assembly's finance committee. The latest comments reinforce the BOK's months-long push to keep won stablecoin issuance under bank-led structures. The BOK also said it plans to continue developing deposit-token use cases in the second half of the year, including support for government subsidy payments, vouchers, electric vehicle charging infrastructure and further real-world transactions for the general public.