Deep Tide TechFlow news: On July 09, according to Edaily, Shin Hyun-song, Governor of the Bank of Korea, said at a parliamentary session that related regulations for Korean won stablecoins and the enactment of the Digital Asset Basic Act should be advanced as soon as possible, emphasizing that stablecoins, deposit tokens, and central bank digital currencies will form a competitive and complementary relationship.

The Bank of Korea also suggested that Korean won stablecoins should be issued primarily by consortia in which banks hold more than half of the shares, and that a statutory policy coordination mechanism involving the Bank of Korea, the Financial Services Commission, and the Ministry of Economy and Finance should be established to reduce potential risks to monetary policy, foreign exchange policy, and financial stability. Currently, there is still disagreement in South Korea’s political circles and the market over whether banks should lead stablecoin issuance.