The Bank of Korea, the Central Bank of South Korea, is still lukewarm on the proposals to launch a Stablecoin won, despite a recent meeting with the Circle of USD Coin emitters (USDC).
The South Korean media press route reported that the managers of Unnamed Circle have held recent meetings with managers of the Korean Bank and the National Assembly legislators.
The parties would have “exchanged opinions” on the stablecoins during private meetings. The sources of the media said they were not free to reveal “the agenda or the main subjects discussed” during talks.
Korea Bank: stable skepticism
The point of sale has added that Circle leaders should also respond to senior figures from the Financial Services Commission (FSC). The latter is the best financial regulator in the country.
With a new government now developing its own financial policies in South Korea after the June 3 elections, active discussions on Stablecoins are now underway, with “global companies that pay particular attention”.
President Lee Jae-Myung is committed to launching a KRW coin for use in business and international trade.
But as the exchanges of the USDT and the USDC on South Korean exchanges, some seem to believe that Seoul should let financial institutions use coins by USD in the colonies.
On June 10, the legislator of the Democratic Party and Key Lee Ally Min Byung-Deok unveiled a modified version of the bill of his private member, nicknamed the Basic Digital Asset Act.
The revamped bill has several clauses relating to the adoption of stablescoin. The National Assembly held a public information session on legislation on June 17.
The governor issues a warning
A leader in the name of the nameless national cryptography told Newsway:
“World cryptography societies are looking closely at the events in South Korea. Circle seems to establish contacts with the National Assembly and financial regulators because it wishes to participate in the internal market. ”
The source said that Stablecoin Krw’s program was “still far”, adding: “We are still in the exchange of opinions”.
But the Kukmin Ilbo said that the governor of the Korean bank, Lee Chang-Yong, still seems skeptical about the stablecoin plans of the government of Lee Jae-Myung.
The Bok chief said he “did not oppose” to the program of a “Stablecoin won”. However, the governor expressed his concern that such a piece can in fact increase the demand for stablescoins to Pius to a dollar.
The governor explained:
“I think the stables -won is necessary, and I am not contrary to their show. (But) If the winning stables are issued, it will be easier to exchange them for stablescoins in dollars. And this will increase the demand for stablescoins to a dollar.
Lee Chang-Yong also considered that the adoption of stables could also affect the profitability of commercial banks. He concluded:
“Once the Ministry of Strategy and Finance, the Relevant Financial Services Commission and other ministries have (reached a consensus), we plan to repress policies by organizing inter -ministerial consultations.”
USDT volumes go up
USDT trading volumes continue to soar on the South Korean crypto exchange platforms. On June 18, the volume of Tether 24 hours a day was $ 96,609,745, which represents almost 14% of all the trades made on the platform.
The figure is almost double the volume 24 hours of bitcoin (BTC) (49,556,659 $). The so -called Kimchi pieces with project weapons related to the stable – including Stormx, Fanc and MEV – also experience continuous growth.
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