governor

South Korean President Lee Jae-myung nominated Shin Hung-song, the head of the Monetary and Economic Department of the Bank for International Settlements (BIS), to serve as the governor of the Bank of Korea. Shin Hung-song stated last year that the issuance of a Korean won stablecoin is "an effective shortcut to bypass existing foreign exchange controls," which could open the door for capital outflows, and he immediately resigned from his BIS position after the nomination.Previously, Lee Jae-myung had listed the issuance of a Korean won stablecoin as a core campaign issue, but the Bank of Korea has consistently blocked the advancement of related legislation. Several large tech companies in South Korea have been waiting for stablecoin policies to be implemented for months. A report released by the BIS last year pointed out that stablecoins do not possess the functions of stable currencies and could pose risks to financial stability and monetary sovereignty. Industry insiders indicate that Shin Hung-song's stance on stablecoins will be closely monitored after he takes office.

According to Jinshi reports, the Governor of Bank Indonesia stated that the possibility of the Federal Reserve lowering interest rates seems to have decreased.

The Governor of the People's Bank of China, Pan Gongsheng, stated at the press conference on the economic theme of the Fourth Session of the 14th National People's Congress that, overall, in the past year, financial risks in key areas of our country have been resolved in an orderly manner, the financial system and financial market have operated smoothly, and risks in key areas have continued to converge. The People's Bank of China, together with relevant departments, has maintained a high-pressure crackdown on illegal financial activities such as illegal fundraising, speculative trading of virtual currencies, and underground banks.In the next step, the People's Bank of China will orderly resolve risks in key areas to prevent financial risks and maintain financial stability, continue to carry out a high-pressure crackdown on illegal financial activities in collaboration with industry regulators and law enforcement departments such as the police, closely monitor and assess the impact of external shocks, and utilize macro-prudential and financial stability policy tools to timely weaken or block risk contagion.

According to Jin Ten, Federal Reserve Governor Milan stated that continuing to cut interest rates is still appropriate, as it is too early to assess the impact of the Middle East war on the U.S. economy. He believes that the events that occurred over the weekend have not changed the forecasts for the labor market or inflation. Despite the surge in oil prices leading investors to lower their expectations for Fed rate cuts in 2026, Milan still believes that the labor market needs more monetary policy support.

According to Cointelegraph, the Governor of Indiana has officially signed HB 1042 (the Bitcoin Bill) into law. The bill aims to protect Bitcoin rights, prohibit discriminatory tax policies against cryptocurrencies, and allow the use of digital assets in state retirement plans.According to previous reports, the bill will take effect on July 1, 2026.

According to Jin10, the governor of the Austrian central bank stated that the European Central Bank should be prepared to quickly adjust interest rates in either direction.

According to Jinshi reports, Federal Reserve Governor Cook stated that due to investment reasons, the neutral interest rate may be higher than pre-pandemic levels.

According to Jinshi reports, Federal Reserve Governor Cook expects the economic growth rate to be slightly above 2% this year.

The Governor of the Czech National Bank stated that Bitcoin should be understood and not resisted in the face of the future. He also mentioned that more countries are expected to adopt BTC.

According to Jinshi reports, the Federal Reserve today decided to keep interest rates unchanged, citing that inflation remains at a high level and economic growth is robust. The policy statement provided little clue as to when interest rates might be cut again. The Federal Reserve voted 10 to 2 to maintain the benchmark interest rate in the range of 3.50% to 3.75%. The statement noted, "Economic activity continues to expand at a solid pace."Board members Waller and Milan cast dissenting votes, advocating for a 25 basis point rate cut. The statement did not signal when the next rate cut might occur, only indicating that the magnitude and timing of "further adjustments" will depend on subsequent data and economic outlook. Meanwhile, the Federal Reserve stated that inflation "remains slightly elevated," while the labor market "has shown some signs of stabilization." Although the Federal Reserve pointed out that "job growth remains subdued," it removed previous language regarding rising risks to employment, indicating that policymakers' overall concerns about a rapid decline in the labor market have eased.

According to the Mobile Payment Network, Bank of Korea Governor Lee Chang-yong stated at the Asian Financial Forum in Hong Kong that due to market pressures, authorities have allowed South Korean residents to invest in virtual assets issued overseas. Meanwhile, financial regulators are studying the establishment of a new registration system to permit domestic institutions to issue virtual assets.He pointed out that the won-denominated stablecoin is expected to be primarily used for cross-border transactions, while tokenized deposits will be more for domestic payments, but he emphasized that there are still many controversies surrounding stablecoins. He is concerned that once the won stablecoin is launched, it may be used to circumvent capital flow management measures, especially when combined with widely used and easily accessible dollar stablecoins, which poses even greater risks.Lee Chang-yong mentioned that the transaction costs of dollar stablecoins are much lower than directly using dollars, and during exchange rate fluctuations, it can easily trigger large inflows of funds; moreover, most dollar stablecoins are issued by non-bank institutions, significantly increasing regulatory difficulties. In addition, South Korea's rapid payment system has matured, and the advantages of retail central bank digital currency (CBDC) are not obvious. The central bank is promoting several pilot projects to lay out tokenized deposits and wholesale CBDCs to maintain a dual financial system.

During the World Economic Forum held in Davos, Switzerland, Coinbase CEO Brian Armstrong engaged in a heated debate with French central bank governor François Villeroy de Galhau on issues such as whether stablecoins should pay yields to holders and the monetary attributes of Bitcoin.Armstrong stated that allowing stablecoins to provide yields to users would help enhance consumer returns and international competitiveness, and pointed out that if U.S. regulated stablecoins were banned from paying yields, it might actually benefit offshore products. Villeroy de Galhau took the opposing stance, arguing that private stablecoins with yield attributes could pose systemic risks to the traditional banking system and financial stability, and clearly stated that the digital euro should not use yields as a competitive tool, with its core objective being to maintain the stability of the financial system.On U.S. legislative issues, Armstrong emphasized that the CLARITY Act is not stalled but is in the negotiation phase, explaining that Coinbase's recent withdrawal of support was to oppose the banking industry's lobbying to restrict competition in the crypto sector. Ripple CEO Brad Garlinghouse pointed out that the so-called "level playing field" should apply in both directions, with both crypto companies and banks adhering to equivalent regulatory standards.When the discussion turned to Bitcoin, Armstrong introduced the concept of a "Bitcoin standard," suggesting it could serve as a long-term option against fiat currency devaluation. Villeroy opposed this, emphasizing that monetary policy falls under national sovereignty and warning that private currencies could undermine sovereignty. Armstrong responded by stating that Bitcoin does not have a single issuer and is even more decentralized than the central banking system.

According to Cointelegraph, the Governor of the Bank of Italy, Fabio Panetta, stated that commercial bank money and central bank money will continue to serve as the cornerstones of the monetary system, while stablecoins can only play a supplementary role. He pointed out that the stability of stablecoins ultimately depends on their peg to fiat currencies, which limits their ability to operate independently within the financial system.Panetta believes that payments have become a core strategic competitive area for banks; against the backdrop of the global economic shift towards technological power and a diverging geopolitical environment, digital finance poses pressure on banks. The Bank of Italy maintains a cautious stance on stablecoins.The Deputy Governor of the bank had previously warned that "multi-issuer stablecoins" issued across multiple jurisdictions could pose legal, operational, and financial stability risks to the EU, and therefore should be restricted to regions with equivalent regulatory standards and subjected to strict reserve requirements.

According to WatcherGuru, Coinbase CEO Brian Armstrong pointed out the misunderstanding of Bitcoin by the Governor of the Bank of France during the World Economic Forum event in Davos, Switzerland. He stated that Bitcoin is a decentralized protocol, and Bitcoin is more independent, creating an environment of "healthy competition" that allows people to make their own choices.

According to Jinshi Data, on January 15, at a press conference held by the State Council Information Office, the spokesperson and vice president of the People's Bank of China, Zou Lan, stated that there is still some room for reserve requirement ratio (RRR) cuts and interest rate reductions this year. Currently, the average statutory deposit reserve ratio for financial institutions is 6.3%, indicating that there is still room for RRR cuts.In terms of policy interest rates, regarding external constraints, the RMB exchange rate is relatively stable, and the US dollar is in a rate-cutting cycle, so the exchange rate does not pose a strong constraint; regarding internal constraints, since 2025, the bank's net interest margin has shown signs of stabilizing, and there will be a large amount of three-year and five-year long-term deposits maturing in 2026. This reduction in the rates of various structural monetary policy tools will help lower banks' interest payment costs, stabilize the net interest margin, and create some room for interest rate cuts.

According to Bloomberg, Bank of England Deputy Governor Dave Ramsden stated that the UK may need to provide a protection mechanism for stablecoin deposits similar to that of bank deposits.Ramsden pointed out that the central bank is considering how to maintain public trust in currency in the event of a collapse of a systemically important stablecoin. He suggested that long-term trust in stablecoins may require the establishment of a plan similar to bank deposit insurance, ensuring that stablecoin holders have priority creditor status in bankruptcy proceedings under statutory liquidation arrangements. Ramsden's remarks indicate that the Bank of England may extend the current protections for bank deposits to widely used stablecoins. The Bank of England has raised the protection limit for the public's regular cash deposits from £85,000 to £120,000 to guard against bank failures. The Bank of England plans to implement stablecoin regulatory rules by the end of the year.

According to Jinshi reports, Federal Reserve Governor Mester reiterated that a rate cut of 150 basis points is needed this year.

According to Russian media reports, Elvira Nabiullina, the head of the Central Bank of Russia, stated in response to a journalist's question that cryptocurrency mining could be another factor contributing to the strengthening of the ruble.The appreciation of the ruble cannot be directly attributed to the growth of cryptocurrency mining, as the activities of this industry did not begin until 2025. However, she also acknowledged that mining does have an impact on the currency market. Starting from November 1, 2024, individual entrepreneurs and legal entities registered in the special register of the Federal Tax Service (FTS) of Russia will be able to engage in cryptocurrency mining. Individual entrepreneurs can mine without registration but must comply with a 6000 kilowatt-hour energy consumption limit. Miners must declare their income. According to the Russian Industrial Mining Association (IMA), Russia's mining capacity ranks second in the world, accounting for over 16% of global computing power during the summer.

The head of the Central Bank of Russia, Elvira Nabiullina, stated that the rapid development of the Bitcoin mining industry in Russia is boosting the country's economy and may strengthen the ruble's exchange rate. Nabiullina acknowledged that it is difficult to quantify the impact of cryptocurrency mining due to the significant presence of illegal and semi-legal miners in the industry.She said, "Mining is indeed one of the additional factors contributing to the strong ruble exchange rate." Previously, the Central Bank of Russia had opposed cryptocurrencies, and Nabiullina had called for a ban on mining and cryptocurrency exchanges. However, in recent years, Moscow's attitude towards crypto mining has warmed, encouraging miners to establish bases in areas where electricity reserves are idle.