[South Korean Central Bank Official: Stablecoins Require Central Bank Backing] Odaily Planet Daily reports, according to Ledger Insights, at a stablecoin seminar involving industry and academia, Yoon Seong-gwan, head of the South Korean Central Bank's Digital Currency Research Division, stated that stablecoins are not new currencies but rather tokenized versions of existing currencies operating on distributed ledgers. 'For stable operation, they ultimately require central bank backing.' Recently, several South Korean banks have formed a stablecoin exploration alliance, which has delayed the next phase of the central bank's tokenized deposit and wholesale CBDC pilot. The new government plans to introduce stablecoin-related legislation after the election. The initial draft limited the central bank's role in stablecoin regulation, but the framework has since been adjusted. The South Korean central bank has previously expressed a reserved stance on stablecoins multiple times.