Gate News reports that on March 23, according to DL News, South Korean President Lee Jae-myung nominated Shin Hung-song, Director of the Bank for International Settlements (BIS) Monetary and Economic Department, as the Governor of the Bank of Korea (BOK) on March 22. Shin Hung-song previously expressed concerns about the Korean won stablecoin, stating last August that the won stablecoin is a shortcut to bypass foreign exchange controls, allowing users to exchange stablecoins for dollar-denominated cryptocurrencies via blockchain protocols, thereby creating capital outflow channels. A report published by BIS last year also warned that stablecoins cannot fulfill the functions of a stable currency and, due to regulatory gaps, may pose risks to financial stability and monetary sovereignty. BIS stated that Shin Hung-song immediately resigned from his current position after being nominated. The public is now paying attention to whether he will adjust his stance on stablecoins after taking office as BOK Governor.
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