The Bank of Korea seeks to intervene early in the approval process for stablecoins supported by the Korean won.

PANews, May 12 - According to a report by the Korean Central News Agency, the Bank of Korea emphasized that if a stablecoin backed by the Korean won is launched, the central bank should intervene from the initial approval stage. Ko Kyeong-cheol, head of the Bank of Korea’s electronic finance team, highlighted in a recent financial law conference that stablecoins could have a significant impact on the central bank’s ability to implement policies related to monetary policy, financial stability, and payment settlement. He stressed that the Bank of Korea should play a role in the approval process to minimize the potential negative effects of digital assets on the central bank’s policy objectives.