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The Governor of the Central Bank of Korea is cautious about the Korean won stablecoin 🏦
Li Changyong recently talked about the Korean won stablecoin, and his attitude is not very positive 🤔. The exchange rate of the Korean won has been fluctuating, and one Korean won is currently worth about 0.0007116 USD. The issue of exchange rate stability should not be underestimated.
200,000 Korean Won? That's about 142 US dollars. Just over 120 Euros 💱. President Lee seems a bit worried. After the Korean Won stablecoin comes out, the demand for US dollar stablecoins may rise. The Korean foreign exchange management will have a headache. The exchange rate of the Korean Won against the US dollar is unstable in 2025, fluctuating between 0.0006725 and 0.0007406. This makes the central bank a bit hesitant 📉.
President Li also mentioned a point. With stablecoins becoming active, payment settlements may shift from banks to non-bank institutions 🔄. The income and business models of the South Korean banking industry will be impacted. In major cities like Seoul and Busan, what can you do with 200,000 won? Buy some basic groceries and take some transportation, that’s about it. In the economic environment of South Korea, the stablecoin policy really cannot be taken lightly 🛒.
The Bank of Korea is indeed researching CBDC 🔬. However, Lee Chang-yong emphasized that for a formal issuance? It still needs to be discussed well with the regulatory authorities. He plans to coordinate with the Ministry of Finance and the Financial Services Commission to weigh the benefits and risks of stablecoin ⚖️.
By the way, what can 200,000 Korean Won buy in the Korean electronics market? Perhaps an entry-level Samsung Galaxy A25, or a second-hand Galaxy S20. At this level of purchasing power, the central bank will definitely think of stablecoins when considering 📱.
Web3 technology is developing 🚀. The discussion about the Korean won stablecoin is definitely getting hotter. But the central bank doesn't seem to be in a hurry; financial stability is their top priority 🌐.