Shin Hyun-sung Emphasizes Public Consensus and Considers CBDC Public Hearing

Shin Hyun-sung, the candidate for the Governor of the Bank of Korea, stated that he would consider holding a public hearing to address public concerns regarding Central Bank Digital Currency (CBDC) and deposit tokens. In response to a question from lawmaker Bae Jun-young during the National Assembly's Finance and Economy Committee audit on the 12th, Shin said he would consider the format of the hearing. Lawmaker Bae mentioned that 420,000 people participated in petitions related to CBDC submitted to the National Assembly over the past two years, pointing out that the Bank of Korea needs to explain more actively to the public. Shin acknowledged the public's concerns and stated that he would clarify the differences in privacy protection and systems. He also emphasized that the progress of Project Han River would be carried out within the public consensus. When lawmaker Bae pointed out the similarities with China's universal CBDC, Shin drew a line stating that they would not adopt China's universal CBDC. He mentioned that deposit tokens would be used for specialized purposes and that the existing payment and settlement systems are operating well. He explained that the first phase of Project Han River would focus on technical verification, while the second phase would review specialized use cases.

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