Bank of Korea Governor Lee Chang-yong expressed concerns about the spread of stablecoins during the '2023 MOEF-BOK-FSC-IMF' conference. He mentioned that if stablecoins become widely adopted, it could threaten the unity of national currencies, impact currency issuance profits, and affect the implementation of monetary policy. Lee emphasized the importance of discussions regarding the introduction of central bank-issued digital currencies (CBDCs) and highlighted the urgency of addressing this matter.
He also raised concerns about unregulated stablecoins, stating that they may not be as stable as their name suggests and could disrupt the stability of the financial system, potentially crowding out central bank-issued currencies. Lee's remarks highlight the growing interest and concerns surrounding digital currencies, particularly CBDCs, in the global financial landscape. 💱🏦💬 #BankOfKorea #Stablecoins #CBDC

🚨 **Breaking News:** Bank of Korea Maintains Base Interest Rate at 3.50% Per Annum for the Eighth Consecutive Time, Keeping It Unchanged Since a Raise from 3.25% in January Last Year! 🏦📉💰 #BankOfKorea #interestrates

The Bank of Korea conducted a CBDC (Central Bank Digital Currency) usability test briefing and intends to issue deposit-based digital tokens to select customers by the end of next year, according to Kiyoung Ki, CEO of CryptoQuant. 💰💻 #CBDC #BankOfKorea #digitalcurrency #cryptocurrency

The Bank of Korea has maintained its base interest rate at 3.5% per year for the sixth consecutive time. The rate was raised from 3.25% to 3.5% in January and has remained unchanged since. #BankOfKorea #InterestRate

🏦 Bank of Korea Holds Steady! 📉🏦 The Bank of Korea maintains the benchmark interest rate at 3.5% for the fifth consecutive time. After raising it from 3.25% to 3.5% in January, the rate remains unchanged. The decision reflects the bank's stance amidst economic conditions. 📊💼 #BankOfKorea #InterestRateDecision #EconomicNews