The Governor of the Bank of Korea, Lee Chang-yong, recently discussed the issue of the Korean won stablecoin during a meeting in Seoul. He stated that he does not oppose the creation of such stablecoins but warned that it could encounter many difficulties. For instance, if the Korean won stablecoin could be freely exchanged with the US dollar stablecoin, people might prefer using the dollar, making it even harder for Korea to manage its foreign exchange.
In fact, he mentioned last month that stablecoins created by non-bank institutions could undermine central bank policies and affect the country's control over capital flows. He advocates that such stablecoins must be regulated by the central bank. However, on the other hand, the ruling party in Korea has just proposed a bill to pave the way for companies to issue Korean won stablecoins and establish a regulatory framework. This seems to be a situation where banks are worried about potential issues while the government seeks to promote innovation, with both sides having differing views.
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