[2025 Audit] Lee Chang-yong: "Korean Won Stablecoin Requires Institutional Reforms Like Unanimous Decision-Making in the US"

Lee Chang-yong, Governor of the Bank of Korea, reiterated that the Bank's views must be strongly reflected in the process of institutionalizing the Korean won-based stablecoin.

Lee Changyong, Governor of the Bank of Korea, is responding to questions from lawmakers at the National Assembly's Planning and Finance Committee's audit of the Bank of Korea held on the 20th at the Bank of Korea in Jung-gu, Seoul. Bank of Korea

On October 20, during the National Assembly's Planning and Finance Committee's audit of the Bank of Korea, Governor Lee made this statement in response to a question from Assemblyman Cho Seungrae of the Democratic Party of Korea regarding the Bank's role in the institutionalization of stablecoins. Governor Lee said, "Currently, under the existing legal framework, the Financial Services Commission is in charge," but emphasized, "Since the issue of stablecoins has a direct impact on the Bank of Korea's monetary policy, we are insisting that the Bank's opinions must be strongly reflected." He further stressed, "Just like the United States' GENIUS Act, I believe that there should be an institutional improvement that allows the Bank of Korea to participate as a responsible authority on stablecoins through a unanimous decision-making system."

Governor Lee also pointed out, "In addition to the challenge of achieving both innovation and stability, while other countries only need to consider monetary policy and innovation, in Korea, capital liberalization has not been fully realized, and there are still restrictions on domestic residents holding assets overseas. If the Korean won-based stablecoin is permitted, it could necessitate changes to this broader institutional framework." He added, "Beyond monetary policy, there are many specific issues related to such structural changes."