The Truth Behind the Korean Won Stablecoin

Recently, the South Korean government's enthusiasm for promoting the Korean won stablecoin has attracted widespread attention. Through in-depth analysis, we can see the possible motivations and potential beneficiaries behind this.

According to reports, a working group led by the former Deputy Minister of Economy and Finance is drafting a bill on the issuance of stablecoins denominated in Korean Won. The bill not only covers the qualifications and licensing requirements for issuers but also includes regulations on collateral assets, monetary policy management, foreign exchange trading supervision, and user protection. Members of the working group emphasized that only entities meeting strict criteria will be allowed to issue stablecoins.

This policy direction suggests that issuing a Korean won stablecoin will likely require government approval. So, who is most likely to obtain this approval? Is it individuals closely connected to the government or mature enterprises that are already preparing for this?

The market seems to have shown strong interest in certain potential beneficiaries. For example, a company that is one of the largest payment applications in South Korea is seen as an obvious candidate. The group to which the company belongs also plans to deploy its own bank to further advance its stablecoin strategy.

However, this policy direction has raised some concerns. Some worry that it may give certain individuals an unfair advantage and could even lead to issues such as insider trading.

Recently, a photo of a South Korean lawmaker using someone else's name to conduct stock trading during a parliamentary meeting sparked controversy. This incident raised concerns about politicians potentially exploiting their positions for personal gain.

At the same time, some self-media individuals began to promote the potential application scenarios of the Korean Won stablecoin, such as its use in the Korean Wave cultural industry. However, this promotion has raised doubts and disappointment among the audience.

These phenomena reflect that although a portion of people hold a critical attitude towards stablecoin policies, there may still be a considerable number of citizens who do not understand or care about this issue. Only those with a certain level of financial knowledge can truly understand and participate in this discussion.

As the government continues to promote relevant policies, we need to remain vigilant and pay attention to the potential impacts of stablecoin development, while also considering how to ensure that this innovation truly benefits the general public, rather than becoming a tool for a few to profit.