Bank of Korea Governor Shin Hyun-sung used his first address in office to prioritize central bank digital currencies (CBDCs) and bank-issued deposit tokens, while omitting any mention of stablecoins as South Korea weighs new crypto laws.

Shin, who began his four-year term on Tuesday, pointed to his role in the bank’s ongoing retail CBDC and deposit token pilot, Project Hangang, and Project Agora, a bank-led cross-border tokenization effort for international settlement. News outlet Chosun.

It developed the digital currency as part of a broader shift in central banking during a period of economic stress and sluggish domestic growth.

His remarks revealed the absence of stablecoins. The issue has dominated the policy debate in Seoul, with lawmakers considering the Digital Asset Basic Act, which would set the rules for issuing stablecoins.

Shin told lawmakers in his confirmation hearing that stablecoins could coexist with CBDCs and collect tokens in a “complementary and competitive” manner.

His speech also outlined a bank-led model where a central bank would issue a CBDC, while commercial banks would provide fully convertible deposit tokens in it. Shin has argued that the issuance of any stablecoin must start with regulated banks.

In addition to payments, Shin signaled closer scrutiny of crypto markets and non-bank finance. He said the central bank would expand oversight of cryptocurrencies and other non-traditional assets, and gain wider access to data to track financial risks.

Shin also promised measures to modernize currency markets, including 24-hour foreign exchange trading and an offshore one settlement system.