Table of Contents
Researcher
\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.03.16~03.29)*
Written by Moyed
1. [News] President Lee Jae-myung Nominates Princeton Professor and International Finance Expert as Next BOK Governor
Source: BOK governor nominee: Shin Hyun-song tapped
President Lee Jae-myung has nominated Shin Hyun-song (67), director of the Monetary and Economic Department at the Bank for International Settlements (BIS), as the next governor of the Bank of Korea. The nomination comes as current Governor Rhee Chang-yong's term expires on the 20th of next month. Ryu Yeon, senior presidential secretary for public relations, described Shin as "a world-renowned authority in international finance and macroeconomics who combines academic depth with practical insight," citing his career at Princeton University, the IMF, and the Federal Reserve Bank of New York. Shin will be formally appointed after a parliamentary confirmation hearing, with a four-year term.
Shin is also recognised as having expertise in central bank digital currencies. He is known to hold a conservative stance on stablecoins, arguing that it is "difficult to maintain 1:1 value in a crisis."
2. [Commentary] What It Means for the Architect of BIS's 'Next-Generation Monetary System' to Join the BOK
2.1 Moyed (ASA Contributor, Delta Network)
Shin's nomination is more than a personnel story—it reads as a strong signal about the direction of Korea's digital currency policy. As head of BIS's Monetary and Economic Department, he has directly led the institution's core research on central bank digital currencies and tokenised financial infrastructure. Notably, Chapter 3 of the 2025 BIS Annual Economic Report, 'The Next-Generation Monetary and Financial System', was produced by his department. The report systematically analyses the structural limitations of stablecoins and presents a model of placing tokenised central bank reserves and commercial bank money on a "unified ledger" as the blueprint for the next-generation monetary system.
In the report, the BIS concluded that stablecoins struggle to meet three core requirements of a sound monetary system: singleness, elasticity, and integrity. As bearer instruments, stablecoins can trade at varying exchange rates across issuers, breaking singleness. Their fully pre-funded structure leaves no room for credit creation, limiting elasticity. And as bearer assets on borderless blockchains, they carry inherent risks of illicit use. The alternative presented is the unified ledger model—operating tokenised deposits and CBDCs on a single infrastructure—with BIS Innovation Hub projects such as Project Agora and Project Pine serving as proof of concept.
Should an individual with these views assume the BOK governorship, Project Hangang's momentum will likely strengthen further—Hangang shares effectively the same design philosophy as the BIS unified ledger concept. In the ongoing domestic debate over who should issue KRW stablecoins, Shin's appointment could add weight to the "bank-led deposit tokens + CBDC" model. Of course, the BOK governor does not unilaterally determine regulatory direction; policy coordination with the FSC and the National Assembly remains essential.
