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Bank of Korea Governor: Plans to Allow Domestic Institutions to Issue Virtual Assets, Promote Multiple Pilots to Maintain Dual Financial System
BlockBeats News, January 27, during the Asian Financial Forum in Hong Kong, Bank of Korea Governor Lee Ju-yeol stated that, under market pressure, the authorities have allowed South Korean residents to invest in overseas-issued virtual assets. At the same time, the financial regulatory authorities are studying the establishment of a new registration system to allow domestic institutions to issue virtual assets. Lee Ju-yeol pointed out that a Korean won-denominated stablecoin is expected to be mainly used for cross-border transactions, while tokenized deposits are more for domestic payments. There are still many controversies surrounding stablecoins. Lee Ju-yeol is concerned that after the Korean won stablecoin is launched, it may be used to circumvent capital flow management measures, especially when combined with widely used and easily accessible USD stablecoins, the risk is even greater.
Lee Ju-yeol mentioned that the Bank of Korea is advancing multiple pilots, laying out tokenized deposits and wholesale CBDC to maintain a dual financial system.
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