Bank of Korea Governor Shin Hyun-sung Emphasizes Trust as the Essence of Currency

Bank of Korea Governor Shin Hyun-sung emphasized that the essence of currency lies in trust, not technology. He explained that the central bank's role is to provide a public framework that allows society to trust and use currency.

In his opening remarks at the '2026 BOK International Conference' held on June 1 at the Bank of Korea headquarters in Seoul, Shin stated, "The origin of the central bank is fundamentally related to its public nature, which is a very compelling argument."

Shin noted, "The central bank is already facing short-term issues such as high inflation," adding that the conference would provide an opportunity to address not only immediate policy challenges but also broader topics.

He remarked, "A lesson we must always remember is that currency is a social institution. It is not merely about technology; it concerns how our society coordinates economic activities."

He continued, "Currency exists fundamentally to coordinate our economic and financial decisions. When people make payments, there must be trust that they will receive something in return. A key question to consider when discussing future currency systems is how to preserve that trust within the currency itself."

Shin added, "We will not limit our discussions to short-term forecasts at this conference. This event will be an opportunity to broaden our horizons, examine the overall landscape of central banking, and gain a deeper understanding of complex and wide-ranging issues."

He also mentioned that the conference would explore the central bank's role within the currency system and address broader historical issues, stating, "We will look to the future while also learning from past lessons."