Hawkish Shin Hyun-song to become new Governor of the Bank of Korea, holds negative stance on Korean won stablecoins

According to ChainCatcher, the Financial Times reports that South Korean President Lee Jae-myung has nominated Shin Hyun Song, the "pragmatic hawk" and head of the Monetary and Economic Department at the Bank for International Settlements, as the new candidate for president of the Bank of Korea, the country's central bank. It is understood that Shin Hyun Song holds a negative stance toward the Lee Jae-myung administration's push for a Korean won-pegged stablecoin. He believes that in countries with volatile exchange rates and prone to capital outflows, stablecoins can easily become tools for capital flight, and stablecoins pegged to the domestic currency may accelerate this trend.