Gate News reports that on March 28, South Korean President Lee Jae-myung nominated Shin Hyun Song, Director of the Monetary and Economic Department at the Bank for International Settlements (BIS), as a candidate for the new governor of the Bank of Korea. Shin Hyun Song is known as a “pragmatic hawk,” and he has a negative stance toward the Korean won–linked stablecoin that President Lee Jae-myung’s government is vigorously promoting. Shin Hyun Song believes that in countries where exchange rates are highly volatile and susceptible to capital outflows, stablecoins can easily become a tool for capital flight, and stablecoins pegged to the country’s own currency may accelerate this trend.
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