South Korea’s central bank won’t oppose stablecoin: Report

The head of South Korea’s central bank reportedly said he isn't against the issuance of a won-pegged stablecoin, but was wary of possible foreign exchange issues.

The head of South Korea’s central bank has reportedly said he is not against the country issuing a won-based stablecoin, but is still concerned about managing the foreign exchange of the token.

Reuters reported on Wednesday that Bank of Korea Governor Rhee Chang-yong said at a press conference that “issuing won-based stablecoin could make it easier to exchange them with dollar stablecoin rather than working to reduce use of dollar stablecoin.”

That in turn could increase demand for dollar stablecoin and make it difficult for us to manage forex,” he added.

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