Bank of Korea Governor: Bank of Korea will cooperate with relevant institutions to prevent regulatory loopholes in stablecoins

According to SBS Biz, the Governor of the Bank of Korea, Lee Chang yong, stated that the central bank is working with relevant institutions to develop a regulatory framework for stablecoins, ensuring their stability and practicality while preventing them from being used to circumvent foreign exchange controls. Li Changyong pointed out that although stablecoins have promoted innovation in the field of financial technology, their ability as a substitute for fiat currency has also raised regulatory concerns. He added that the Bank of Korea is also involved in the Agor á project of the Bank for International Settlements (BIS), a public-private partnership focused on tokenizing bank deposits and institutional central bank digital currencies (CBDCs), aimed at establishing a global digital financial infrastructure and reducing cross-border payment costs.