PANews reported on June 12 that according to SBS Biz, South Korea's central bank governor Lee Chang-yong said that the central bank is working with relevant institutions to develop a stablecoin regulatory framework to ensure its stability and practicality while preventing it from being used to circumvent foreign exchange controls. Lee Chang-yong pointed out that while stablecoins have promoted innovation in the financial technology sector, their ability to serve as a substitute for legal tender has also raised regulatory concerns.

He added that the BOK is also involved in the Bank for International Settlements’ (BIS) Project Agorá, a public-private partnership focused on tokenized bank deposits and institutional central bank digital currencies (CBDCs) that aims to build a global digital financial infrastructure and reduce cross-border payment costs.