Bank of Korea governor nominee positive about won-denominated stablecoins

SEOUL, April 14 (Reuters) - ‌The nominee to ​become ​the Bank of Korea's governor agreed to introduce won-denominated stablecoins, saying they would play ‌a role in the currency ecosystem of the ⁠future, according to written remarks that were submitted on Monday to ‌parliament.

"I expect that central ‌bank digital currencies and deposit tokens will be able to coexist with stablecoins in a manner that is ​supplementary and competitive to each other," said Shin Hyun-song, according to the Bank of Korea on ⁠Tuesday.

Shin is scheduled to attend a parliamentary confirmation hearing on Wednesday.

In 2023, the ​South Korean central bank conducted a joint project to test its central bank digital currency ​with the Bank for International ‌Settlements, where Shin used to work nL1N40B00I.

On the country's household debt, Shin said de-leveraging ⁠efforts needed to continue, along with policy measures to stabilise prices, as they were still at high levels.

"It is still ⁠uncertain if the stabilising trend (in house prices) will continue, so ​policy measures to control demand and increase supply need to be pursued consistently," Shin said.

According to a local media report, Shin ‌agreed with the government's regulations on owners of multiple homes, while expressing caution about ‌excessively high property taxes.

Shin also said the central bank ⁠would consider diversifying its ‌foreign exchange reserves with ​investments in gold exchange-traded funds, according to media reports.

(Reporting by Jihoon Lee; Editing by Thomas ‌Derpinghaus)

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