The leadership of the Bank of Korea will hold a closed meeting on June 23, 2025, with representatives from the country’s largest banks to consider the possibility of issuing stablecoins pegged to the national currency – the won.
This is reported by Business • Media
Cautious stance of the central bank and party initiative
The meeting, which will take place at the Bank of Korea headquarters in Seoul, will be held in a dinner format and behind closed doors. Attending will be not only the head of the central bank, Lee Chang-en, but also the deputy head responsible for monetary policy and financial markets, Park Jeong-woo. The agenda includes discussions on the regulatory framework for the issuance of stablecoins and assets denominated in Korean won. The central bank currently maintains a cautious stance, leaning towards prohibiting the issuance of such tokens by non-bank entities.
Journalists also report that back in mid-May, Lee Chang-en met with leaders of six major banks in the country: KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and IBK Industrial Bank.
Impact of political changes and legislative initiatives
Recently, the dialogue between the regulator and the private sector has become increasingly active. This is attributed to the changing political climate following the election victory of Lee Jae-moon, who advocates for cryptocurrency reforms.
“On June 10, 2025, the party introduced the ‘Fundamental Law on Digital Assets’ for consideration. Among other things, it allows the issuance of stablecoins by non-bank counterparties with a capital of 500 million won (approximately $368,000) or more.”
The final decision on the launch of stablecoins will depend on the results of consultations between the regulator and the financial sector, as well as further changes in the country’s legislation.