South Korea’s Central Bank Calls for Early Intervention in Stablecoin Approval Process

The Bank of Korea is urging its participation in the early stages of approval for stablecoins backed by the Korean Won, according to PANews. Ko Kyeong-cheol, head of the central bank’s electronic finance team, highlighted this need at a recent financial law conference. He explained that stablecoins could significantly impact the Bank of Korea’s ability to implement monetary policy, ensure financial stability, and facilitate payments, stressing the importance of its involvement in the approval process to mitigate potential negative impacts of digital assets on central bank policies.