Shin Hyun-song, the new governor of the Bank of Korea, has reaffirmed his support for central bank digital currencies (CBDCs) and tokenized deposits in his inaugural address. Speaking in Seoul on Tuesday, he emphasized that these initiatives will elevate the status of the Korean won in the digital payment environment.
Shin highlighted two key projects: the second phase of 'Project Hangang', a blockchain-based wholesale CBDC system being tested by the Bank of Korea, and the Agora Project, a cross-border payments initiative launched by the Bank for International Settlements (BIS) and seven central banks in April 2024.
The omission of stablecoins from his remarks is notable, as some previous reports suggested Shin was open to won-backed stablecoins. However, South Korea's stablecoin framework remains stalled in its legislature due to disagreements between regulators and lawmakers.