CoinVoice has recently learned that the Governor of the Bank of Korea, Lee Chang-yong, stated on the 19th: 'In the future, to incorporate programming capabilities into currency, a Korean won stablecoin is necessary, but it is wiser to introduce it starting from banks and then gradually expand.' On the same day, while attending the National Assembly's Planning and Finance Committee, Lee Chang-yong addressed the questions from lawmakers regarding the timing of stablecoin introduction and the issuing entities, pointing out the potential risks of stablecoins one by one, showing a cautious attitude.
Regarding the conditions for issuing entities, he emphasized: 'To prevent money laundering issues, only large enterprises that have systems such as **KYC (Know Your Customer) and meet certain scales should be allowed to issue. However, if large non-bank enterprises are permitted to issue, the existing bank-centered financial industry structure may undergo unknown changes, so it needs to be approached with caution.' He explained that this is equivalent to allowing payment and settlement banks with narrow banking functionalities, which could lead to a decline in bank deposits and profitability. [Original link]
