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South Korea’s Stablecoin Bill Threatens Card Firms, Benefits Tech Giants
South Korea’s Stablecoin Bill Threatens Card Firms, Benefits Tech Giants
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BTCCSquare news:
South Korean lawmakers are preparing to introduce the Digital Asset Innovation Act next month, a MOVE that could reshape the country’s financial landscape. The bill defines stablecoins as "value-stable digital assets" and mandates issuers to hold at least 1 billion won ($720,258) in equity capital. Analysts warn this pivot may weaken credit card companies while boosting domestic tech giants.
Won-pegged stablecoins could disrupt traditional payment systems by enabling direct transactions without fiat intermediation. The Bank of Korea remains cautious, citing potential risks to commercial banks. Credit card providers face particular vulnerability as stablecoins may erode their payment infrastructure over time.
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