Unveiling the Truth Behind South Korea's Stablecoin Policy

Author: MORBID-19

Compiled by: Deep Tide TechFlow

In hindsight, everything is very clear!

It's me again, once again complaining about the Korean won stablecoin.

But today I finally understood why our "Overlord" is so keen on promoting stablecoins.

I think I have discovered their true motives behind all of this!

Let's first take a look at the report from the Financial Times:

Ahn Do-geol, who previously served as the Second Vice Minister of the Ministry of Economy and Finance, recently formed a working group with the Ministry of Strategy and Finance, the Bank of Korea, the Financial Services Commission, the Korea Capital Market Institute, and other relevant institutions to draft a bill on the Korean won-denominated stablecoin.

The office of Ando Jie plans to include not only the basic qualifications and licensing requirements for stablecoin issuers in the bill, but also provisions regarding collateral asset requirements, monetary policy management measures, foreign exchange trading regulation, and user protection mechanisms.

Hwang Se-woon, a senior researcher at the Korea Capital Market Institute, as a member of the Anandaojie Korean Won Stablecoin Task Force, emphasized that only entities that meet strict qualification standards should be allowed to issue stablecoins, and the qualification of issuers should be granted through a licensing system.

( TLDR: Issuing a Korean won stablecoin will likely require government approval.

So, who is most likely to obtain government approval? Perhaps those who are closely connected to the government? Or those mature enterprises that have already hinted at being prepared for this?

Currently, no one really knows who the ultimate winner of this rushed policy will be, but the market seems to be betting very actively on certain names.

![])https://img-cdn.gateio.im/webp-social/moments-28c69d56621aeecf35da6be3bdcdd6d7.webp###

KakaoPay is one of the obvious candidates among the potential beneficiaries of the Korean won stablecoin, after all, it is one of the largest payment applications in South Korea.

As KakaoPay leads the way, the Kakao Group is planning to deploy its own bank, KakaoBank, further advancing its dream of stablecoins.

It seems that the crypto players in South Korea are about to "eat well" again, and that "invisible hand" seems to be working silently.

But is this hand really invisible? Or for some people, is it actually "visible"?

( Thank you for the 4K camera, which made that "invisible hand" clear and visible.

Expose those elected officials who claim not to hold securities but may be involved in insider trading.

![])https://img-cdn.gateio.im/webp-social/moments-8b9e4678fdc323be8ed3fc64f23e72fb.webp###

Photo: South Korean Democratic Party member Lee Chun-seok conducts stock trading in the name of others in the National Assembly.

During a full session of the National Assembly, Lee Chun-seok, a member of the Democratic Party of Korea, was photographed using a stock trading application on his phone to trade stocks, such as Naver stocks. The issue is that the account name in the photo is not "Lee Chun-seok," but rather his assistant Mr. Cha.

(…)

Although two similar photos were taken in the past 10 months, as of December 31 last year, Congressman Li's asset disclosure statement indicated that neither he nor his family held any stocks (securities). According to the Real-name Financial Transaction Act, all financial transactions must be conducted under real names. Anyone conducting transactions in someone else's name for illegal purposes, such as concealing assets, may face up to five years in prison or a fine of up to 50 million won.

——Excerpt from The Joongang

This classic "I don't care if there's a camera with 125 times zoom behind, let me see how these stocks are doing, and cast a vote of approval" really left me speechless.

Although there is currently no conclusion on whether he is really involved in insider trading, the mere fact that he trades using an assistant's account already exudes a sense of criminality.

When it comes to crime, many things are carried out under the banner of "educational content."

Original video link: click here

At the 17:06 timestamp of the aforementioned video, the narrator claims that K-Pop and K-Culture could be a good application scenario for the Korean won stablecoin, and reiterates the arguments made by politicians attempting to push related legislation.

However, what is truly shocking about this video is not the content itself, but when you look at the comment section, you find that the audience expresses nothing but disappointment towards the channel owner:

• "What's wrong with you? Are you trying to campaign?"
• "It seems I have been overestimating Hyoseok all along..."
• "What's going on? Did the government threaten you to post this video? Haha... Um."

However, seeing the voices in the comments expressing dissatisfaction with this kind of "brainwashing" attempt actually made me feel a sense of fear, as I suddenly realized that those who question it may just be an absolute minority in this country.

Most people don't even care what stablecoins are, nor do they care how they work. Only those with a certain level of financial knowledge are capable of paying attention to and addressing these issues.

The current government's approval rating is as high as 65%. Of course, this has absolutely nothing to do with that free $100 consumption voucher!

As long as they keep throwing money around, perhaps they will eventually really achieve their goals.

We will all succeed.