Korean officials argue for stablecoin authorisation body
Central bankers warn of currency substitution and monetary policy risks
A high-ranking official from the Bank of Korea argued on May 12 that the central bank should be involved in authorising won-backed stablecoins to maintain the strength of the institution’s monetary policy.
Media outlet Business Korea quoted the unnamed official as saying: “If won-based stablecoins are used like legal tender, they could complicate monetary policy operations, necessitating BoK’s involvement in the authorisation process.”
The official reportedly added that “in fact, in the United
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