Lee Chang-yong, Governor of the Bank of Korea, Meeting with Heads of 6 Major Banks… In-depth Discussion on CBDC and Stablecoin

Rhee Chang-yong Governor Of The Bank Of Korea (Source: Korea Economic Daily)

Rhee Chang-yong, Governor Of The Bank Of Korea, is set to hold full-scale discussions on digital financial issues focusing on Central Bank Digital Currency (CBDC) and stablecoins with the heads of the six major commercial banks in the country. According to Financial News, Governor Lee plans to exchange views with major banks on the tokenization of bank deposits and the 'Agora Project' utilizing institutional CBDCs at the meeting scheduled for the 26th.

The upcoming meeting is expected to address the use of digital currency in a collaborative form between the public and private sectors, as well as recent trends related to stablecoins that are attracting attention domestically and internationally. The Bank Of Korea is currently seeking technical and policy directions through CBDC experiments and is expanding concrete pilot cases through collaboration with the actual financial sector.

As discussions on the institutionalization and potential use of CBDCs and stablecoins intensify, this meeting is expected to serve as an opportunity to further accelerate the digital transformation of the domestic financial system.