Bank of Korea governor backs cautious stablecoin rollout

Fuente Cryptopolitan

The Bank of Korea’s Governor has voiced his support for a won-denominated stablecoin, but only if it is issued by banks. The South Korean administration appears to be changing its attitude toward cryptocurrency. However, the country is taking a cautious approach.

Bank of Korea (BOK) Governor Lee Chang-yong has voiced cautious support for the development of won-denominated stablecoins. However, he also stressed that the stablecoin rollout should be led by banks rather than non-bank companies.

Bank of Korea’s Governor wants banks to lead stablecoin rollout

Speaking before the National Assembly’s Planning and Finance Committee on August 19, Lee highlighted both the potential benefits and the significant risks associated with rolling out a stablecoin tied to the Korean won.

Lee said it is “necessary to have won stablecoins to add program functions to the currency in the future,” but emphasized that expansion should be “gradual” and guided by safeguards.

He also stressed the risk of money laundering and the potential disruption to the bank-centered financial system if large non-bank companies were allowed to issue stablecoins.

“In order to prevent money laundering problems, only large companies of a certain size or more with systems such as KYC (customer identity verification) should be allowed to issue,” Lee argued. He warned that allowing large technology or non-bank firms into the space could alter the structure of the financial system in unpredictable ways.

Lee likened such an arrangement to creating payment banks with limited banking functions but without lending capacity, which could drain deposits from traditional banks and reduce their profitability. This, in turn, could weaken the broader banking sector’s ability to support economic activity.

Lee also mentioned concerns about wealthy South Koreans moving won deposits abroad via overseas platforms such as Binance if won-backed stablecoins were issued without restrictions.

“As much as capital regulation can be completely avoided, this problem should be seriously considered,” he said.

Implications of won-backed stablecoins on the economy

Currently, the central bank manages liquidity through tools such as the reserve requirement ratio, which regulates how much banks must hold in reserves. If non-bank institutions were to issue won stablecoins, reducing liquidity through bond sales might not be as effective or swift.

“For example,” Lee explained, “when you are asked to sell government bonds as collateral to non-bank financial institutions that issued won stablecoins to reduce the amount of money, it may not be executed quickly and sufficiently.”

The governor also questioned the demand for a won stablecoin, as 99% of global stablecoin activity is dollar-based.

“We are skeptical about whether the demand for dollar stablecoins will decrease if we issue won stablecoins in this situation,” he said.

In Korea, the use case for stablecoins is further limited because virtual assets remain heavily restricted. “In foreign countries, stable coins are mainly used to trade virtual assets, but in the case of Korea, virtual assets are not allowed at all,” Lee said.

Some ruling party lawmakers argued that collateralized issuance of stablecoins with government bonds could prevent liquidity risks or “coin runs,” but Lee disagreed. He stressed that even if deposits overall remain constant, liquidity could still be strained if retail deposits shift into institutional accounts.

“That’s why the currency authorities should enter the stablecoin licensing process and prepare a safety plate,” he said. “Even if you hold government bonds as collateral, if the issuer’s credit status is unstunt, there is no reason for the holder to have trouble with the issuer’s stablecoin as it is, so coin runs can happen.”

Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.

Descargo de responsabilidad: Sólo con fines informativos. Rentabilidades pasadas no son indicativas de resultados futuros.
placeholder
GBP/JPY Pronóstico de Precio: Renueva el máximo diario, alrededor de 198.80 tras los PMIs del Reino UnidoEl cruce GBP/JPY recupera tracción positiva el jueves y se aleja de un mínimo de casi dos semanas, alrededor de la zona de 197.85 tocada el día anterior
Autor  FXStreet
9 hace una horas
El cruce GBP/JPY recupera tracción positiva el jueves y se aleja de un mínimo de casi dos semanas, alrededor de la zona de 197.85 tocada el día anterior
placeholder
Los futuros del Dow Jones descienden a medida que el repunte de IA se debilita, con las ganancias de Walmart en el punto de miraLos futuros del Dow Jones caen un 0.11%, cotizando alrededor de 44.950, junto con los futuros del S&P 500 y los futuros del Nasdaq 100 que se mantienen estables alrededor de 6.400 y 23.300, respectivamente, durante las horas europeas del jueves antes de la apertura de la sesión norteamericana.
Autor  FXStreet
10 hace una horas
Los futuros del Dow Jones caen un 0.11%, cotizando alrededor de 44.950, junto con los futuros del S&P 500 y los futuros del Nasdaq 100 que se mantienen estables alrededor de 6.400 y 23.300, respectivamente, durante las horas europeas del jueves antes de la apertura de la sesión norteamericana.
placeholder
Oro detiene la recuperación del miércoles desde el soporte de la SMA de 100 días ante un USD más firmeEl Oro (XAU/USD) encuentra cierta oferta durante la sesión asiática del jueves y detiene la buena recuperación del día anterior desde el área de 3.312-3.311$, o un mínimo de casi tres semanas.
Autor  FXStreet
12 hace una horas
El Oro (XAU/USD) encuentra cierta oferta durante la sesión asiática del jueves y detiene la buena recuperación del día anterior desde el área de 3.312-3.311$, o un mínimo de casi tres semanas.
placeholder
El Índice del Dólar registra ganancias modestas por encima de 98.00 antes de las publicaciones del PMI de EE.UU.El Índice del Dólar estadounidense (DXY), un índice del valor del Dólar estadounidense (USD) medido frente a una cesta de seis divisas mundiales, se negocia en territorio positivo cerca de 98.30 durante la sesión asiática del jueves
Autor  FXStreet
16 hace una horas
El Índice del Dólar estadounidense (DXY), un índice del valor del Dólar estadounidense (USD) medido frente a una cesta de seis divisas mundiales, se negocia en territorio positivo cerca de 98.30 durante la sesión asiática del jueves
placeholder
BNB alcanza un nuevo máximo histórico a pesar de que la compañía de tesorería Windtree Therapeutics enfrenta una exclusión del NasdaqBNB registró un nuevo máximo histórico el miércoles, superando por primera vez la marca de los 880$. El aumento del precio se produce en medio de la firma de tesorería Windtree Therapeutics (WINT) que revela que el Nasdaq eliminará su acción.
Autor  FXStreet
17 hace una horas
BNB registró un nuevo máximo histórico el miércoles, superando por primera vez la marca de los 880$. El aumento del precio se produce en medio de la firma de tesorería Windtree Therapeutics (WINT) que revela que el Nasdaq eliminará su acción.
goTop
quote