The Bank of Korea president suggested the gradual introduction of a Korean won stablecoin, emphasizing the bank's leadership.
PANews reported on August 19th that, according to Yonhap News Agency, Bank of Korea President Lee Chang-yong stated that a Korean won stablecoin could contribute to currency programming, but that banks should take the lead in issuing it and gradually promote its adoption. He also emphasized the need for caution in allowing large corporations to issue it, lest it disrupt the financial structure. Lee warned that if mainland funds flowed into overseas institutions through the Korean won stablecoin, it could circumvent capital controls. He also expressed skepticism about replacing the US dollar stablecoin with the Korean won stablecoin, emphasizing the need to focus on the development of domestic virtual assets and steadily promote stablecoins as a payment tool.
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