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