South Korea’s central bank seeks early involvement in approval process for won-backed stablecoin

Odaily Planet Daily News The Bank of Korea stressed that if a stablecoin backed by the Korean won is launched, the central bank should intervene from the initial approval stage. Ko Kyeong-cheol, head of the electronic finance team of the Bank of Korea, emphasized at a recent financial law conference that stablecoins may have a significant impact on the central bank's ability to implement policies related to monetary policy, financial stability, and payment settlement. He emphasized that the Bank of Korea should play a role in the approval process to minimize the possible negative impact of digital assets on the central bank's policy goals. (Yonhap News Agency)