Bank of Korea Governor Rhee Chang-yong is set to engage with various bank presidents on June 23 regarding the swift issuance of Won-backed stablecoins. This meeting occurs amid rising political pressure and recent legislative efforts in South Korea to legalize stablecoins.
The BOK has continuously voiced concerns regarding stablecoin issuance by non-bank entities, worried they may disrupt monetary policy and financial stability. This underscores the importance of establishing regulatory measures for stablecoins in South Korea.
Recently, discussions on stablecoins have intensified in South Korea, with the BOK deputy governor evaluating the integration of deposit tokens into blockchain systems. The growing popularity of dollar stablecoins, constituting a significant portion of the market, has also raised concerns amongst officials.
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