HawkInsight

  • Contact Us
  • App
  • English

Bank of Korea Governor: If South Korean won stablecoins are introduced hastily, they will be worried about exchange rate fluctuations and capital outflows

According to online reports, Bank of Korea (Central Bank) Governor Lee Chang-yong said,"If you rashly introduce Korean won stablecoins, you will be very worried about exchange rate fluctuations and capital outflows in the foreign exchange market." President Li pointed out during the national affairs inspection of the Congressional Planning and Finance Committee that day: "Many people will bring Korean won stablecoins overseas. This is really worrying." He also emphasized: "It is important to carry out pilot projects with banks as the core first, and gradually expand the scope and promotion after the control of foreign exchange outflows is effective." He reiterated his concern: "From the perspective of the authorities responsible for foreign exchange management, this issue is highly vigilant. If the Korean won stablecoin is introduced, there is a great possibility that foreign exchange controls will be bypassed." In response to the opinion put forward by Common Democratic Party MP Andujee to support the introduction of Korean won stablecoins, President Li clearly expressed his different position, saying that "my views are completely different from yours." At the same time, he pointed out: "I don't think the introduction of Korean won stablecoins will reduce the demand for U.S. dollar stablecoins. After all, those who want to convert assets into U.S. dollars will still choose to use U.S. dollar stablecoins." He added: "Although it is too early to think that the U.S. dollar stablecoin will occupy the South Korean won payment market, as its future use will surely increase significantly, further efforts are needed to improve relevant regulatory measures."

Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.

NewFlashHawk Insight
More