BOK Governor Says Stablecoins, Deposit Tokens Can Coexist, Urges Faster Rules for Won-Based Stablecoins

Bank of Korea Governor Rhee Chang-yong said stablecoins and BOK-led deposit tokens can coexist.

Speaking at a full meeting of the National Assembly's Strategy and Finance Committee in Seoul's Yeouido on July 9, Rhee said the two serve different roles in the monetary system.

"As I said at the previous hearing, stablecoins and deposit tokens have different roles, and they will sustain the monetary ecosystem while maintaining complementary and competitive relationships," he said.

He added that he continues to support the introduction of a framework for won-based stablecoins.

Rhee made the remarks in response to a question from Ahn Do-geol, a lawmaker from the Democratic Party, who said there were market concerns that the BOK governor may have changed his stance on digital currencies.

Earlier, at the European Central Bank forum in Sintra, Portugal, on July 1, Rhee said private stablecoins face difficulties in establishing trust and that deposit tokens issued on a unified ledger are safer than private payment tokens.