Korea's Central Bank Governor: If we hastily introduce a won stablecoin, there will be concerns about the fluctuation of the forex market's exchange rate and capital outflow issues.

[Governor of the Bank of Korea: Introducing the KRW stablecoin hastily will raise concerns about the forex market's exchange rate fluctuations and capital outflow issues] Lee Chang-yong, the Governor of the Bank of Korea, stated, “If we hastily introduce the KRW stablecoin, we will be very concerned about the forex market's exchange rate fluctuations and capital outflow issues.” Director Li pointed out during the National Congress's Planning and Finance Committee National Policy Inspection that “Many people will take the Korean won stablecoin overseas, which is indeed concerning.” He also emphasized that “It is important to first conduct pilot projects centered around banks, and once the control over forex outflows is effective, then gradually expand the scope for promotion.” He reiterated concerns, stating: “From the perspective of the authorities responsible for forex management, this issue is highly alarming. If a Korean won stablecoin is launched, there is a great possibility of circumventing forex controls.” Regarding the opinion raised by Democratic Party member Ahn Doo-je regarding the support for introducing a Korean won stablecoin, Governor Lee clearly expressed a different stance, stating “My view is completely different from yours.” At the same time, he pointed out: “I do not believe that the launch of a Korean won stablecoin will reduce the demand for US dollar stablecoins, after all, those who want to convert their assets to US dollars will still choose to use US dollar stablecoins.” He also added, “Although it is too early to believe that the US dollar stablecoin will dominate the South Korean won payment market, further efforts are needed to improve relevant regulatory measures due to the fact that its future usage is bound to increase significantly.”