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Bank of Korea Governor: Korean Stablecoin Should Be Gradually Introduced Starting from Banks
Summary: Bank of Korea Governor Lee Chang-yeong stated on the 19th that in the future, it is necessary to introduce a Korean stablecoin with programming functions into the currency, but a more prudent approach would be to start introducing it from banks and then gradually expand. On that day, Lee Chang-yeong, while attending the National Assembly's ...
Bank of Korea Governor Lee Chang-yeong stated on the 19th that in the future, it is necessary to introduce a Korean stablecoin with programming functions into the currency, but a more prudent approach would be to start introducing it from banks and then gradually expand. On that day, Lee Chang-yeong, while attending the National Assembly's Planning and Finance Committee, addressed the potential risks of stablecoins in response to lawmakers' questions about the timing of introduction and the issuing entities, demonstrating a cautious attitude. Regarding the conditions for issuing entities, he emphasized that only large companies with systems such as KYC (Know Your Customer) and reaching a certain scale should be allowed to issue stablecoins in order to prevent money laundering. However, if large non-bank companies are allowed to issue stablecoins, the existing bank-centered financial industry structure may undergo unknown changes, so caution is needed. He explained that allowing payment settlement banks with narrow banking functions could lead to a decrease in bank deposits and profitability.
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Link: Bank of Korea Governor: Korean Stablecoin Should Be Gradually Introduced Starting from Banks [Copy]
