"Hawkish" Shin Hyun Song to Become New Governor of the Bank of Korea, Holds Negative Stance on KRW Stablecoin

Odaily News South Korean President Lee Jae-myung has nominated Shin Hyun Song, head of the Monetary and Economic Department at the Bank for International Settlements (BIS) and known as a "pragmatic hawk," as the candidate for the new governor of the Bank of Korea, the country's central bank. It is reported that Shin holds a negative stance towards the Lee Jae-myung administration's push for a Korean won-pegged stablecoin. He believes that in countries with high exchange rate volatility and susceptibility to capital outflows, stablecoins can easily become tools for capital flight, and a stablecoin pegged to the national currency could accelerate this trend. (Financial Times)