Bank of Korea Nominee Shin Hyun-song Backs Won Stablecoin With Banks at the Center
Shin Hyun-song said central bank digital currencies and bank deposit tokens should form the foundation of South Korea’s digital currency system, while crypto assets cannot replace fiat currency.
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Terms & Concepts
CBDC: A central bank digital currency, or a digital form of sovereign money issued by a central bank.
Bank deposit token: A digital tokenized representation of bank deposits, typically issued within regulated banking systems.
Stablecoin: A cryptocurrency designed to maintain a stable value, often by being linked to a fiat currency such as the South Korean won.