Speaking at the Asian Financial Forum in Hong Kong, Lee Chang-yong stated that due to market pressure, South Korean authorities have allowed residents to invest in overseas-issued virtual assets, and financial regulators are considering establishing a new registration system to allow domestic institutions to issue virtual assets. Lee pointed out that if a won-denominated stablecoin is launched, its primary use will likely be in cross-border transactions, while tokenized deposits are more suitable for domestic payment scenarios. However, he emphasized that significant controversy remains surrounding stablecoins. His core concern is whether won-denominated stablecoins could be used to circumvent capital flow management, especially when combined with dollar-denominated stablecoins. He further stated that dollar-denominated stablecoins have a wide range of applications, low barriers to entry, and significantly lower transaction costs than direct use of the dollar. When exchange rate fluctuations cause changes in market expectations, funds could rapidly flow into dollar-denominated stablecoins, resulting in large-scale capital transfers; simultaneously, the participation of numerous non-bank institutions in stablecoin issuance significantly increases regulatory difficulty. Furthermore, Lee pointed out that South Korea already possesses a highly developed fast payment system, thus limiting the advantages of retail central bank digital currencies (CBDCs). Currently, the central bank is simultaneously advancing tokenized deposits and wholesale CBDCs through multiple pilot programs in order to maintain the existing two-tier financial system.