PANews reported on April 13 that, according to Yonhap News Agency, Shin Hyun-song, the nominee for governor of the Bank of Korea, stated in his written response at his parliamentary confirmation hearing that central bank digital currencies (CBDCs) and commercial bank deposit tokens issued based on them should be at the core of the digital currency ecosystem. Shin generally supports the introduction of a Korean won stablecoin, but emphasized that maintaining trust in the currency is paramount. Regarding the issuer of the Korean won stablecoin, he believes that since South Korea is not a reserve currency country, compliance is crucial. Therefore, he suggests prioritizing issuance by a bank-centric consortium, with non-bank institutions allowed to participate, and then gradually expanding the scope. Shin is cautious about claims that stablecoins improve the efficiency of foreign exchange transactions, arguing that it is unclear whether blockchain technology can comply with capital and foreign exchange regulations. He also stated that crypto assets, including stablecoins, fail to fulfill the core functions of currency, such as a measure of value, a medium of exchange, and a store of value, and therefore cannot replace fiat currency.