Korean Won Stablecoin?? Looking at it this way, we might soon be able to play with foreign exchange on the chain, hahaha
The South Korean presidential candidates are engaged in a fierce debate over stablecoin policy.
The candidate from the largest opposition party, the Democratic Party, Lee Jae-myung, argued on May 8 that "a Korean won stablecoin market should be established as soon as possible," warning that otherwise the country would face "national wealth outflow."
This proposal was strongly opposed by reform party candidate Lee Jun-seok, who cited the 2022 Terra collapse case, pointing out that the algorithmic stablecoin KRT resulted in disastrous consequences due to a lack of actual asset backing.
Lee Jae-myung's supporter, former lawmaker Kim Byeong-wook, rebutted that global regulators have clearly distinguished between algorithmic stablecoins and compliant stablecoins backed 1:1 by cash/government bonds, stating that a Korean won stablecoin could reduce cross-border remittance costs.
Industry insiders revealed that this is the first time South Korean politicians have publicly engaged in technical debates over crypto assets, and the election results may determine the country's cryptocurrency regulatory direction. The election will be held on June 3.
