"Hawkish" Shin Seung-sung will serve as the new governor of the Bank of Korea, expressing a negative stance toward the Korean won stablecoin.

Odaily · 2026-03-29T04:16:42+00:00

Odaily Planet Daily reported that South Korean President Lee Jae-myung has nominated Shin Hyun Song, the head of the Monetary and Economic Department at the Bank for International Settlements and known as a "pragmatic hawk," as a candidate for the new governor of the Bank of Korea. It is understood that Shin Hyun Song is opposed to the Lee Jae-myung administration's push to peg the Korean won to stablecoins, believing that in countries with volatile exchange rates and susceptibility to capital outflows, stablecoins can easily become tools for capital flight, and those pegged to the domestic currency may accelerate this trend. (The Financial Times)

Odaily

2026-03-29 04:16:42

Odaily Planet Daily reports that South Korean President Lee Jae-myung has nominated “pragmatic hawk” Shin Hyun Song, the head of the Monetary and Economic Department of the Bank for International Settlements, as a candidate for the new governor of the Bank of Korea. It is reported that Shin Hyun Song holds a negative view towards the Lee Jae-myung government’s push for a stablecoin pegged to the won, believing that in a country with severe exchange rate fluctuations and vulnerability to capital outflows, stablecoins can easily become a tool for capital flight, and stablecoins pegged to the local currency may accelerate this trend. (Financial Times)

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