Bank of Korea Governor to Convene Meeting with Bank Leaders Amidst Growing Stablecoin Debate

The Governor of the Bank of Korea, Mr. (Governor’s Name), will convene a meeting with heads of major South Korean banks to address issues surrounding stablecoins. This meeting comes as discussions intensify regarding the regulation and impact of stablecoins on the Korean financial system. The objective is to gain a comprehensive understanding of the challenges and opportunities presented by stablecoins, alongside a review of international best practices. The meeting will delve into potential risks associated with stablecoins, such as money laundering and terrorist financing, and their impact on financial stability. The anticipated outcome is a set of recommendations for the regulatory framework governing stablecoins in South Korea. This follows reports of growing popularity of stablecoins in Korea, prompting regulatory concerns about the need for a comprehensive regulatory framework. Representatives from various major Korean banks, along with economic and financial experts, will participate. The potential effects on the Korean banking sector will be assessed, and a strategy will be developed to effectively manage the challenges posed by stablecoins. Through this meeting, the Bank of Korea aims to safeguard the soundness and stability of the Korean financial system amidst the rapid advancements in financial technology.