” . * It has been translated through NAVER papago logo Maeil Business Newspaper Korea’s No. 1 Economic Media search menu KOR JPN CHN HOME Economy Business Society World Realestate Stock Politics IT·Tech Culture Opinion Entertainment Sports Special Edition Most Read Maeil Business News Korea * It has been translated through NAVER papago logo close menu News Most Read Economy Business Society World Realestate Stock Politics IT·Tech Culture Sports Entertainment Special Edition Opinion KOR JPN CHN delete word Search Recent Searches Delete All close search Maeil Business Newspaper The debate over the introduction of won stablecoins is intensifying. When President Lee Jae-myung ma.. * It has been translated through NAVER papago logo 언어 변경하기 Language KOR JPN CHN 닫기 Change font Change font A A A A close print share Share email kakao talk facebook X copy the link close detail * It has been translated through NAVER papago logo TOP Most read MOON Jiwoong jiwm80@mk.co.kr JEON Gyeongwoon jeon@mk.co.kr Input : 2025-06-29 18:02:07 언어 변경하기 Language KOR JPN CHN 닫기 Change font Change font A A A A close print share Share 이메일에 공유하기 카카오톡에 공유하기 페이스북에 공유하기 트위터에 공유하기 링크 복사하기 close 사진 확대 The debate over the introduction of won stablecoins is intensifying. When President Lee Jae-myung made a pledge, the Democratic Party of Korea joined forces with the bill, and commercial banks are scrambling to apply for trademark rights to speed up preparations for issuing stablecoins. But the Bank of Korea has put the brakes on it. Lee Chang-yong, governor of the central bank, and Yoo Sang-dae, vice president, expressed concern over the private sector’s issuance of won stablecoins. According to the Bank of Korea, the financial sector, and the virtual asset industry on the 29th, the key to the debate over the introduction of won stablecoins is whether the central bank’s exclusive currency issuance rights can be shared with the private sector. Article 47 of the Bank of Korea Act stipulates that “only the Bank of Korea has the right to issue money.” It has not changed since the Bank of Korea Act was enacted in 1950. 1 Rocking the Monopoly of Currency Issuance In a recently published “Financial Stability Report,” the Bank of Korea said, “If stablecoins spread rapidly, the currency will increase outside the control of the central bank as it acts as a substitute for currency,” adding, “The credibility of the currency may deteriorate and the effectiveness of the monetary policy may be limited.” In its draft annual report issued on the 29th, the Bank for International Settlements (BIS) expressed concerns that “stablecoins could pose a threat to financial stability and currency sovereignty.” There are many claims that it is difficult to prevent the outflow of national wealth without preparing KRW stablecoins. A case in point is the purchase of dollar stablecoins at a domestic exchange and then transfer them to overseas virtual asset wallets. The “Crypto Assets and Central Banks” booklet published by the Bank of Korea in 2018 pointed out that “the government’s finances are deteriorated because the gains on currency minting from the issuance of cryptographic assets belong to specific entities in the private sector, not the central bank.” 2 Dollar Stablecoin Replacement Conversely, there are also many claims that the issuance of stablecoins in the won should be hurried to protect currency sovereignty. Before dollar-based stablecoin payments such as USDT (Tether) and USDC spread further, it is argued that currency sovereignty should be protected by presenting an alternative product called won stablecoin to the public. However, there are many claims that issuing won stablecoins will not prevent the penetration of dollar stablecoins. Vice President Yoo said at a press conference on the 24th, “I don’t understand the argument to curb the use of dollar stablecoins by issuing won stablecoins.” In fact, 99% of the market capitalization is dollar stablecoins. This is a part of the argument that even if KRW stablecoins are issued, they can be turned away from the market. 3 Coin Runs cause massive losses The so-called “coin run” risk is also an important issue surrounding the introduction of the won stable coin. If a bank run comes from a collapse in confidence in the bank, a coin run can come when confidence in stablecoin reserve assets has collapsed. If KRW stablecoin issuers do not properly hold KRW reserve assets, the damage will snowball like the Terra/Luna crisis in 2022. Holding government bonds as reserve assets for won stablecoins is not without risks. In the event of a coin run, it could suffer massive losses in the process of selling government bonds at a cheap price. 4 Can CBDC Be an Alternative Then, can the Central Bank Digital Currency (CBDC) be an alternative. The Bank of Korea is proposing CBDC issuance and distribution as an alternative rather than private stablecoins. CBDC is only digital in the form of publication and is no different from the legal currency we use now. It contrasts with stablecoins as central banks and governments can track funds more easily than cash. However, an official from the virtual asset industry pointed out, “Digital currencies led by the government (Korea Bank) will be less acceptable in the private sector due to interference and control concerns.” 5 Announcement of Confusion in International Trade Statistics There are also concerns that dollar-based international trade statistics will be mixed up. For this reason, the International Monetary Fund (IMF) has guidelines for applying a new statistical manual (BPM7) to include stablecoins in financial accounts on international investment sheets by 2030. Nevertheless, the improvement of the system may not keep up with the spread of stablecoins, which is expected to cause considerable confusion. A BOK official said, “The settlement currency will only change from dollar to stablecoin, and it will not affect import and export statistics.” However, if global companies start exchanging trade settlement payments in dollar stablecoins, it can have a big impact on foreign exchange supply and demand as dollars do not come into Korea. 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