Dr. Sam Seo, Chairman of the Kaia DLT Foundation, stated that the South Korean central bank's (BOK) push for a bank-led launch of a won-denominated stablecoin lacks logic.
In a report released on Monday, the central bank argued that banks are already subject to strict regulations, including capital, foreign exchange, and anti-money laundering requirements, which help minimize any risks associated with introducing stablecoins into the country.
At the same time, the BOK hopes to establish a policy advisory body composed of monetary, foreign exchange, and financial authorities to determine the qualifications of issuers, issuance volumes, and other key considerations.
Seo told Cointelegraph that while the central bank's concerns about the risks of stablecoins are understandable, its argument for a bank-led launch "seems to lack a logical basis."
Seo believes a better solution would be to establish clear rules for stablecoin issuers that can "minimize currency risks and promote innovation."
He stated that this would also allow banks and non-bank institutions that meet these standards to "compete and showcase their respective advantages."
In June, BOK Vice Governor Yoo Sang-da proposed that the central bank become the primary issuer of stablecoins in the country to ensure a safety net, gradually expanding to other sectors.
The BOK also wishes to prohibit stablecoin interest payments, arguing that this could directly compete with bank deposits and disrupt the industry, and has proposed advancing the commercialization of deposit tokens (digital tokens representing deposits at banks or financial institutions).
Seo indicated that a complete ban on stablecoin yields would be an excessive measure that could harm and limit adoption.
"While I agree that stablecoins themselves should not contain any yield features, I believe that restricting additional yields generated through the use of stablecoins is excessive," he said.
At least eight major South Korean banks announced plans in June to offer stablecoins pegged to the won, with plans to launch by the end of 2025 and early 2026.
Meanwhile, it has been reported that South Korean tech group Naver's fintech division, Naver Financial, is advancing plans to acquire Dunamu, which operates the country's largest cryptocurrency exchange, Upbit, and plans to launch a won-backed stablecoin project after the acquisition is completed.
The South Korean cryptocurrency industry has benefited from a more favorable environment under President Lee Jae-myung, who was elected in June and has since promoted various cryptocurrency-related laws, including legislation to legalize stablecoins.
Related: The French government will review the motion to "embrace Bitcoin (BTC) and cryptocurrencies."
Original: “Kaia Chairman: South Korean Central Bank's Push for Bank-Led Stablecoin Issuance 'Lacks Logic'”
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