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Bank Of Korea · Monetary Policy · Shin Hyun-Song · Stablecoins
South Korean President Lee Jae-myung has nominated Shin Hyun-song, director of the Bank for International Settlements' Monetary and Economic Department, as the next Bank of Korea governor, with his four-year term commencing after current Governor Rhee Chang-yong's term concludes next month and parliamentary confirmation.
Shin, 67, is recognized as a global authority in international finance and macroeconomics, having held positions at Princeton University, the International Monetary Fund, and the Federal Reserve Bank of New York. President Lee's senior presidential secretary for public relations, Ryu Yeon, stated that Shin is the ideal candidate to manage monetary policy objectives, including price stability and economic growth, amidst heightened global economic uncertainty, particularly from the Middle East situation.
While Shin possesses expertise in central bank digital currencies (CBDC), he maintains a conservative view on stablecoins, expressing concerns about their ability to sustain a 1-to-1 value during crises. This nomination, reported by the Korea Economic Daily, positions Shin to chair the Monetary Policy Board upon formal appointment.
