The leading political and academic figures in South Korea are urging the government to accelerate its digital currency plans. Lee Kwang Jae, former Secretary General of the Diet and now a professor at Yang University, urged the winning, robust stablecoins to be listed in major global exchanges such as Binance and Coinbase.
Lee stressed that these KRW stubcoins are scheduled to be released soon and will have little impact unless they are accessible to international investors. In an interview with Seoul Kyong Jae, he warned that Coin would struggle to gain global recognition without foreign participation.
KRW Page’s interest in stubcoin has grown over the years. Still, the government is gaining momentum as it supports development as it is part of its efforts to reduce its dependence on the US dollar in international trade.
Lee argued that success depends on domestic regulations and the ability to trade coins freely internationally. He said platforms like Binance and Coinbase must be allowed to list them because this is how to create demand.
This adds South Korea to one of the world’s most serious cryptographic regimes currently in place. Non-Koreans are unable to open Fiat-enabled accounts in domestic exchanges such as Upbit and Bithumb, which have virtually no confirmed Korean Social Security numbers or bank accounts. This helps to isolate outsiders from trading digital assets controlled by WON.
Lee criticized the restrictions, saying that demand around the world can only increase if outsiders enter the Korean market. Observers pointed out that his attitude towards doing is lacking in cryptocurrency trading, but he insisted that people should be able to trade coins that they have won.
The government will promote food stalls in parliament
The Financial Services Commission (FSC) has announced a dedicated bill for KRW Stablecoins. The law may include regulations regarding reserve, transparency and operational standards. Authorities call it a critical step in creating a secure digital financial system.
But the road ahead is rough. Political conflict has halted progress as rival bills are being debated in Congress. Some legislators are seeking a fully digital asset law, while others are working on a more narrowly targeted synchrony of laws.
The delay reflects previous setbacks. Previous efforts to regulate the sector have halted amid concerns over investor protection, money laundering and the collapse of the crypto market in 2022.
Even with gridlocks, regulators are under pressure to react. The rise of dollar-backed coins like USDT and USDC in the Korean crypto market has sparked concerns about “dollarization.” Officials are concerned that if Koreans start using tokens using large amounts of dollars, they can renounce their citizens’ financial sovereignty.
Banks and tech companies are fighting for Stablecoin Control
However, the Bank of Korea sounded cautious. Governor Rhee Chang-Yong said he supports KRW Stablecoins as a rule. But he is I’m worried Regarding capital flights and potential forex volatility if issuances are entrusted to private companies without appropriate protection measures.
Lee’s vision is broader than banking and finance. He suggests that KRW-Stablecoins could be woven into Korean cultural and technical exports. He added that users of Korean webtoons, dramas and online education platforms should be encouraged to use coins with pegs in KRW. Lee proposed that such coins could also be incorporated into healthcare services for international patients and cross-border cultural exchange programs.
He predicts that Samsung, the country’s tech giant, will ultimately be able to issue its stability, just like Apple, which is reportedly considering the same. Lee said the coins backed by WON and integrated into Samsung’s salary will be used more widely than any other cryptocurrency around the world, especially within Samsung’s ecosystem.
Other domestic companies can do so as part of their global expansion strategy, following the lawsuit with KRW Stablecoin. Using such a bank card will help improve Korea’s so-called soft power overseas and marry Fintech and K-Culture.
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