A senior executive from the Bank for International Settlements, who is skeptical of stablecoins, will become the governor of the Bank of Korea.

On March 22, South Korean President Lee Jae-myung nominated Shin Hung-song, head of the Monetary Economics Department of the Bank for International Settlements (BIS), to be the governor of the Bank of Korea. Shin Hung-song stated last August that a stablecoin for the Korean won is a "shortcut to effectively circumvent existing foreign exchange controls" and could open a channel for capital outflows. He resigned from his BIS post immediately after the nomination. Lee Jae-myung had previously listed the issuance of a stablecoin for the Korean won as a core campaign issue, but the Bank of Korea has consistently blocked related legislation. Several large South Korean technology companies have been waiting for stablecoin policies to be implemented for months. A report released by the BIS last year pointed out that stablecoins do not possess the function of stabilizing currency and may pose risks to financial stability and monetary sovereignty. Industry insiders say that Shin Hung-song's stance on stablecoins after taking office will be closely watched.