"Hawkish" Shin Seung-sung will serve as the new governor of the Bank of Korea, expressing a negative stance toward the Korean won stablecoin.

According to Mars Finance, the Financial Times reported that South Korean President Lee Jae-myung has nominated the “pragmatic hawk” Shin Hyun Song, Director of the Monetary and Economic Department of the Bank for International Settlements, as a candidate for the new governor of the Bank of Korea. It is reported that Shin Hyun Song holds a negative attitude toward the Lee Jae-myung government’s push for a Korean won-pegged stablecoin, believing that in a country with extreme exchange rate fluctuations and susceptible to capital outflows, stablecoins can easily become a tool for capital flight, and stablecoins pegged to the domestic currency may accelerate this trend.