Lawmaker: Bank of Korea's won stablecoin fear is the real crisis

Democratic Party lawmaker Min Byoung-dug has argued that delaying innovation is the real crisis for the South Korean economy, pushing back against the Bank of Korea's recent cautious stance on introducing a won-backed stablecoin, Maeil Business Newspaper reported. The central bank recently warned of seven major risks associated with such a move. In a report, Min described the bank's concerns as "fear marketing" fixated on micro-level, short-term dangers. He warned of macro-level and structural losses if the adoption of a won stablecoin is delayed. The report further analyzed that the risks cited by the Bank of Korea—including de-pegging, stablecoin runs, and the weakening of monetary policy—are variables that can be sufficiently controlled through proper design and supervision.