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South Korean Central Bank Asserts Authority Over Stablecoin Issuance Ahead of Elections
South Korean Central Bank Asserts Authority Over Stablecoin Issuance Ahead of Elections
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The Bank of Korea has intervened in a growing political debate over stablecoin regulation, declaring exclusive jurisdiction on approving won-pegged stablecoins. With presidential elections looming next month, the issue has become a contentious flashpoint in financial policy discussions.
"Stablecoins WOULD have a significant impact on monetary policy implementation, financial stability, and payment systems," stated Koh Kyung-chul, head of the BOK’s electronic finance unit. The central bank’s强硬 stance sets the stage for potential conflicts with private sector initiatives and political candidates’ platforms.
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