Overview
- The BOK’s 141-page report urges that any won-pegged stablecoin be issued by regulated banks or bank-led consortia to anchor confidence and manage risks.
- The central bank lists seven vulnerabilities, warning of depegging, rapid redemptions, consumer-protection gaps, regulatory evasion, AML and FX abuses, monetary-policy frictions, and market-rate volatility.
- The report stresses that the promise of 1 coin equaling 1 won is a private pledge without deposit insurance or central-bank backing, leaving holders exposed if issuers fail.
- Officials call for a joint policy council across monetary, FX, and financial regulators and highlight Project Hangang, a pilot for bank-issued deposit tokens on a central-bank platform.
- The push comes as lawmakers race to pass a stablecoin law by year-end, with the FSC signaling a ban on interest payments and a preference for bank-centered issuance.