Shin Hyun-song, nominee for the next governor of the Bank of Korea, boasts an extensive global network built through his career at overseas universities and international financial institutions.
Since 2014, Shin has served as Economic Adviser and Head of Research at the Bank for International Settlements (BIS), often called "the central bank for central banks." He is known to have established relationships with central bank governors from major economies who regularly attend BIS meetings.
Shin also maintains close ties with Tobias Adrian, the current Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF). Adrian oversees the IMF's work on capital markets, macroprudential policy, digital currencies, and financial regulation.
A global financial research network centered on Shin has formed dense connections throughout major international organizations including the BIS and IMF. Observers say this web-like global network could prove a valuable asset in managing monetary policy risks and significantly enhancing the BOK's capacity for international coordination.
Shin is known to hold negative views on cryptocurrencies, including stablecoins. Stablecoins are cryptocurrencies designed to maintain a fixed value pegged to fiat currencies such as the U.S. dollar, typically at a 1-to-1 ratio.
At major conferences and in his publications, Shin has emphasized the principle of monetary singleness, arguing that "stablecoins struggle to maintain their one-to-one peg with fiat currencies during crises." He maintains that stablecoins issued by private cryptocurrency operators could threaten financial stability. He has also expressed the view that won-based stablecoins could serve as a shortcut to circumventing existing foreign exchange regulations.
In last year's BIS annual report, Shin warned that "stablecoins fail to fulfill the role of stable money and, lacking regulation, could pose risks to financial stability and monetary sovereignty."
Industry observers expect that as BOK governor, Shin would accelerate the introduction of a central bank digital currency while imposing strict regulatory guidelines on private digital assets.