According to DL News, TechFlow Korean President Lee Jae-myung nominated Shin Hung-song, Director of the Monetary Economics Department of the Bank for International Settlements (BIS), to serve as Governor of the Bank of Korea (BOK) on March 22.
Shin Hung-song had previously publicly expressed concerns about stablecoins issued in South Korea. In August of last year, he stated that stablecoins were a shortcut to circumventing foreign exchange controls, allowing users to exchange them for dollar-denominated cryptocurrencies via blockchain protocols, thus creating a channel for capital outflow. A report released by the BIS last year also warned that stablecoins could not fulfill the function of stabilizing currency and, due to a lack of regulation, could pose risks to financial stability and monetary sovereignty.
BIS stated that Shin Hung-song stepped down from his current position immediately after being nominated. There is currently considerable interest in whether he will adjust his stance on stablecoins after assuming the presidency of BOK.
