According to reports, Ryoo Sangdai, the Vice Governor of the Bank of Korea, hopes that the bank will become the primary issuer of stablecoins in the country, gradually expanding to other industry sectors thereafter.
The Korea Herald reported that Ryoo pointed out at a press conference on Tuesday that stablecoins denominated in Korean won should first be introduced by regulated commercial banks to ensure the establishment of safety mechanisms.
"The ideal scenario is to initially allow stablecoins to be issued primarily through banks, as they are subject to a higher level of financial regulation, and then gradually expand to the non-bank sector," he said. "Considering the potential market disruptions or risks of consumer harm, our goal is to establish a safety net."
However, the central bank still has some concerns about stablecoins. Ryoo noted that the launch of stablecoins could accelerate capital outflows and "alter our fundamental position on foreign exchange liberalization and the internationalization of the won."
"We also need to consider the impact on the restructuring of the financial industry, including the potential introduction of narrow banking," he added.
Bank of Korea Governor Lee Chang-yong stated at a press conference on June 18 that he does not oppose won-based stablecoins but remains concerned about how to manage the foreign exchange issues related to the token.
On June 10, the ruling Democratic Party, led by newly elected President Lee Jae-myung, proposed the "Digital Asset Basic Law," which would allow companies with a minimum capital of at least $368,000 to issue stablecoins.
According to the Chosun Ilbo, Ryoo stated at the same press conference that the central bank will continue to promote central bank digital currency as a "countermeasure against stablecoins."
On March 24, government agencies, including the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service, announced the launch of a central bank digital currency test, which will conclude on June 30.
Ryoo pointed out, "However, since the government's position on stablecoins has not yet been clearly established and there is significant uncertainty regarding relevant laws and policies, the timing of the second pilot test will be determined after consultation with the banks."
South Korea is not the only country considering stablecoin options. On June 19, Bloomberg reported that credit card giant Visa has partnered with African stablecoin payment provider Yellow Card Financial to accelerate the adoption of stablecoins on the African continent.
In April of this year, Russian Treasury officials also proposed a plan for the government to develop its own stablecoin. In the same month, three major institutions in Abu Dhabi joined forces to create a new stablecoin pegged to the dirham.
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Original: “Bank of Korea Hopes for Gradual Rollout of Stablecoins”
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