BOK Governor to Discuss Won-Backed Stablecoin Issuance Amid Political Pressure

Bank of Korea Governor Rhee Chang-yong is set to meet with presidents of major Korean banks on June 23 to discuss the accelerated issuance of Won-based stablecoins. The dinner meeting at the Seoul Bankers’ Association follows mounting political pressure to legitimize such digital assets, particularly after the Democratic Party introduced the Digital Asset Basic Act.

The central bank has historically expressed reservations about non-bank entities issuing stablecoins, citing risks to monetary policy and financial stability. Governor Rhee''s recent unusual visits to six major commercial banks—including KB Kookmin and Shinhan—hint at heightened preparations for Project Hangang, the BOK’s digital currency initiative.

Market observers note the timing coincides with South Korea’s broader push to establish regulatory clarity for crypto assets. The discussions may signal a pivotal shift in the country’s approach to blockchain-based financial infrastructure.