According to reports, Bank of Korea Governor Rhee Chang-yong stated that he does not oppose the issuance of a won-based stablecoin in South Korea, but he remains concerned about the foreign exchange issues related to managing the token.
Reuters reported on Wednesday that Rhee Chang-yong said at a press conference, "Issuing a won-based stablecoin may make it easier to exchange with dollar stablecoins, rather than working to reduce the use of dollar stablecoins."
He added, "This could, in turn, increase the demand for dollar stablecoins, making it difficult for us to manage foreign exchange."
Rhee's comments came against the backdrop of newly elected President Lee Jae-myung fulfilling his campaign promise to advance cryptocurrency regulation, as well as the country's declining foreign exchange reserves.
According to data from the Bank of Korea, as of the end of December last year, the central bank held foreign exchange reserves worth $415.6 billion, which decreased to $404.6 billion by the end of May this year, a drop of $11 billion over six months.
On June 10, the ruling Democratic Party, to which President Lee Jae-myung belongs, proposed the "Basic Law on Digital Assets," which would allow companies with a minimum capital of $368,000 to issue stablecoins.
These companies would need to maintain sufficient reserves to ensure refunds and would require approval from South Korea's financial regulatory body, the Financial Services Commission (FSC).
The Financial Services Commission (FSC) is investigating the trading fees charged by local exchanges, which is part of Lee's promise to lower trading costs to encourage young traders.
According to DefiLlama data, dollar-backed tokens dominate the stablecoin market, with Tether (USDT) being the largest at a market cap of $156 billion, followed by Circle's USDC with a market cap of $61 billion.
However, Circle's euro-pegged stablecoin EURC is gaining attention, with its market cap soaring to $203 million, a 156% increase since the beginning of the year.
Circle's stock price surged on Wednesday after U.S. lawmakers indicated that the House would approve the "GENIUS Act" for stablecoin regulation.
Related: Telegram founder Pavel Durov granted temporary leave from France
Original: “Reports say South Korea's central bank governor does not oppose issuing won-pegged stablecoin”
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