South Korea's Central Bank Advocates Early Involvement in Stablecoin Approval

According to PANews, the Bank of Korea has emphasized the need for its involvement from the initial approval stages if a stablecoin backed by the Korean won is introduced. Ko Kyeong-cheol, head of the central bank's electronic finance team, highlighted at a recent financial law conference that stablecoins could significantly impact the central bank's ability to implement policies related to monetary policy, financial stability, and payment settlements. He stressed the importance of the central bank's role in the approval process to minimize potential negative effects of digital assets on the central bank's policy objectives.