Bank of Korea governor backs CBDCs, deposit tokens in first address

New Bank of Korea governor Shin Hyun-song supported CBDCs and deposit tokens in his first address, while stablecoins were notably absent from his remarks.

The newly appointed Governor of the Bank of Korea, Shin Hyun-song, has voiced support for central bank digital currencies (CBDCs) and tokenized deposits in his first public address.

Shin, who began his four-year term after an inauguration ceremony in Seoul on Tuesday, said the central bank will advance the second phase of “Project Hangang,” a Bank of Korea-led pilot project to test a blockchain-based, wholesale CBDC system.

He also pointed to international cooperation efforts, including the “Agora Project,” an international collaborative initiative launched in April 2024 by the Bank for International Settlements (BIS) and seven central banks to explore the tokenization of cross-border payments. Shin said these initiatives “will elevate the status of the Korean won in the digital payment environment.”

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