South Korea Nominates 'Hawkish' Shin Hyun Song as New Central Bank Chief

According to the Financial Times, South Korean President Lee Jae-myung has nominated Shin Hyun Song, head of the Bank for International Settlements' Monetary and Economic Department and described as a 'pragmatic hawk,' as the candidate for the new governor of the Bank of Korea, South Korea's central bank. It is understood that Shin Hyun Song holds a negative view on the South Korean won-pegged stablecoins strongly promoted by the Lee Jae-myung administration. He believes that in countries with volatile exchange rates and susceptibility to capital outflows, stablecoins can easily become a tool for capital flight, and stablecoins pegged to the national currency may accelerate this trend.