![\"Bank](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjYtMDEvMDE5YmRhZWYtY2RlMi03Nzk3LWExODctYTM5MGFiMDAzNDRhLmpwZw==.jpg\")
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The Bank of Korea proposed a bank-led consortium and a statutory interagency body for issuer approvals, citing the US GENIUS Act as a model, according to local media.<\/p>\n
South Korea\u2019s central bank has reportedly renewed its push to keep Korean won-pegged stablecoin issuance in the hands of commercial banks, warning lawmakers that privately issued digital tokens could undermine monetary policy and create new foreign-exchange and financial-stability risks.<\/p>\n
In a report submitted to South Korea\u2019s National Assembly Strategy and Finance Committee, the Bank of Korea (BOK) described won stablecoins as \u201ccurrency-like substitutes\u201d and said their introduction must account not only for industrial benefits but also for monetary policy, foreign exchange stability and financial risks, according<\/a> to local reporting.\u00a0<\/p>\n The central bank reiterated concerns that stablecoins could be used to bypass foreign exchange<\/a> regulations, including prior reporting requirements, and argued that allowing non-bank entities to issue them independently could conflict with Korea\u2019s separation of banking and commerce principles.\u00a0<\/p>\n