Shin Hyun-sung: Will accelerate the advancement of CBDC and focus on deposit tokens

According to Naver, Bank of Korea Governor Rhee Chang Yong stated in his inaugural speech that the promotion of central bank digital currency (CBDC) will be accelerated, with a focus on advancing the second phase of “Project Han River” to enhance the use of CBDC and deposit tokens. He also aims to strengthen the status of the Korean won in digital payments through international cooperation projects such as Agora. He did not mention a Korean won stablecoin, but previously stated in a hearing that CBDC and stablecoins can coexist. He emphasized that deposit tokens based on CBDC should be a priority and pointed out that stablecoins have limitations regarding redemption guarantees, central bank control, and security.