Bank of Korea Governor Shin Hyun‑song pushes won‑stablecoin legislation and weighs in on US‑Korea swap

On 9 September, Bank of Korea Governor Shin Hyun‑song addressed the parliamentary Finance and Economy Committee, reaffirming his stance that a regulatory framework for a won‑denominated stablecoin should be introduced without delay. He suggested that issuance be led by a bank‑centric consortium and that a policy coordination body involving relevant authorities be established to monitor monetary, foreign‑exchange and financial‑stability impacts. He warned that without clear rules, stablecoins could be used to bypass capital controls or facilitate capital outflows.

In the same session, Shin commented on the existing Korea‑United States currency swap line, saying it has a “psychologically positive effect” but that liquidity is currently sufficient. He attributed the recent high‑won exchange‑rate environment to global dollar‑strength driven by U.S. policy and portfolio rebalancing by foreign investors, while noting that a sustained trade surplus could eventually support won appreciation.