Bank of Korea Governor to Meet Bank Chiefs Amid Growing Debate on Won-Based Stablecoins

South Korea’s central bank governor, Rhee Chang‑yong, is set to meet major commercial bank heads on June 23 in Seoul to discuss the trajectory of won-based stablecoins. This comes as newly elected President Lee Jae-myung pushes forward a pro-digital asset agenda, including Bitcoin ETFs and a government-backed stablecoin to curb capital flight.

Lawmakers have proposed the "Basic Digital Asset Act," seeking to allow non-bank fintech companies to issue stablecoins with less stringent capital requirements. The Bank of Korea, however, has expressed concerns over the potential erosion of monetary sovereignty and increased systemic risk from private issuance of digital currencies.

Deputy Governor Lee Jong-ryeol has warned that unless heavily regulated, such moves could weaken central bank policy control. In Q1 2025, digital assets worth $40.6 billion exited the country—almost half in global stablecoins like USDT and USDC—highlighting the urgency of the situation.

The upcoming meeting will be a decisive moment in shaping South Korea’s stablecoin strategy, weighing between private sector innovation and strong central bank oversight.