The head of the Central Bank of South Korea has reportedly stated that it is not against the country, which is issuing a win-based stabelcoin, but is still concerned about the management of foreign currency of tokens.
Roots Informed On Wednesday that on Wednesday, Bank of Korean Governor Rai Chang-Yong said at a press conference that “Won-based stabelcoin can make it easier to exchange them with dollar stabecrims instead of working to reduce the use of stabechoin.”
This in turn can increase the demand for dollar stabechoin and make it difficult for us to manage foreign currency, ”he said.
Rai’s comment comes as the newly elected President of South Korea, Lee J-Mung, moving with the promised crypto regulation during its campaign and as the country’s foreign exchange reserve is declining.
In late December, Bank of Korea had a $ 415.6 billion foreign exchange reserves, falling to $ 404.6 billion in late May, a decrease of $ 11 billion in six months, According For data from Bank of Korea.
Sociable regulatory environment
On 10 June, President Lee’s ruling Democratic Party carried forward the Digital Asset Basic Act, which would allow companies with a minimum equity of $ 368,000 to release stabechoin.
Companies will need to keep enough reserves to ensure refunds, and they will need approval from the country’s financial regulator, Financial Services Commission.
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The FSC is investigating local South Korean exchanges, which is at the transaction fee charged by them, which is also part of Lee’s promise to reduce the cost of transactions to encourage young traders.
Non-dal-supported stabcoin
The US dollar dominates on the stabechoin space, with a market capitalization with the largest tether (USDT) $ 156 billionThis is followed by the market capitalization of USDC (USDC) of Circle $ 61 billionAccording to Difilama.
However, the euro-pegs of the circle is receiving stabeloin, Eurc, traction because its market capitalization has shot $ 203 million156% increase from the beginning of the year.
On Wednesday, the stock of Circle saw a major advantage that they would approve the Stabelin-Censorion Genius Act in the House.
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