Korea Bank calls authority via StableCoin Issued: Report

The Central Bank of South Korea said that it should have legal authority over the approval of Stablecoin won, warning that they could disrupt monetary policy if they are treated as a medicine for a lesson.

Bank Korea, South KoreaThe Central Bank, said that monetary authorities must be involved from the beginning if the country allows for the issuance of Stablecon related to Korean language, businessmen has learnedThe older Box official is stated.

In the statement, the official said that Stablecoins were won as a legal tender, they could complicate monetary policy operations and that it would require the inclusion of bokvica in the approval process. They added that, as in the United States, Fed also performs “some authority in related legislation.”

Koh Kiung-Chul, who leads to the electronic finance of the Central Bank, said that Stablecoins could influence that Hi carries monetary policy, manages financial stability and oversee payments and oversight. He also emphasized that the Central Bank should have a “significant legal government” in the approval phase when it comes to approval by publisher Stablecoin.

At the beginning of May, Democratic Packet Legistrate Mal Biung-Duk Said That almost half of the cryptocurries sent abroad from the great exchange of South Korea in the first quarter, it was stablecoins on the dollar base, referring to data from the financial supervisory service.

According to Buung-Duk, about 56.8 trillion win (about $ 40.6 billion) cryptocurries was transferred abroad between January and March of five cryptic exchanges: Upbit, Bithumb, Coinone, Cobbit and Gopax. From this amount, 26.87 trillion won or 47.3%, was in stembles like Tether (USDTT) and the USD of USD (USDC).