Lee Kwang-Jae, former secretary general of the National Assembly of South Korea, says that Seoul must ensure that KRW’s stable are listed in cryptographic exchanges abroad such as Binance and Coinbase.
In an interview with Seoul Kyungjae, Lee, currently a distinguished professor at the University of Myongji, said that foreign merchants must have access to coins to succeed.
KRW STABLECINS: incoming Korea legislation?
The new Government of South Korea has talked about the launch of KRW-PEGGED coins. However, political disputes have seen progress in slow -related legislation for a “dead point.” Lee said:
“If we want to increase the demand of stablocoins called profits, we must allow them to be negotiated in global cryptocurrency exchanges [like Binance and Coinbase, so non-Koreans can trade them]. “
This, said Lee, will help the coins of South Korea to “ensure international acceptance.”
The former legislator also said that Seoul needs to “open national cryptographic exchanges” such as Upbit and Bithumb to foreign merchants.
At present, only South Korea residents can open Fiat accounts on national trade platforms.
The South Korean Law stipulates that encryption exchanges that provide crypt couples to chips must ensure that their clients have real and linked bank accounts verified.
Without a valid direction of South Korea and a social security number, obtaining this account is effectively impossible. Lee regretted this fact, saying:
“We can only generate a global demand when foreigners can enter the South Korean market. We need to let them freely operate currencies called cattle.”
Lee also said that Samsung, the largest conglomerate in the country, would join Apple’s tastes in the launch of Stablecoins in the future. He explained:
“Samsung and Apple dominate the smartphone industry. Both will eventually compete in the Stablecoin market too. Given Samsung’s strength in the hardware market, integrating a currency called its payment system would have a significant impact.”
Some observers think that Samsung could use a stablecoin called with ganes with its Samsung payment platform. Such currency, they claim, could find uses outside South Korea.
Other national corporations, they say, can use such currencies to strengthen their positions in international markets.
Lee said Seoul should Majke cross -border culture insurance, education and health spaces use KRW Stablecoins. Added:
“Only by expanding the use of coins nationwide will really gain value.”
Let foreign merchants use Korean stable, says the professor
The professor said that webtoons consumers from South Korea (web-based comic strips) and dramatic series titles could encourage themselves to use KRW-Penguged coins as currency.
Similarly, KRW Stablecoins could be a payment tool for online learning services and remote medical care customers.
The dead point continues
Lee also went to the dispute in the heart of the political stagnation that has slowed the progress of the establishment regulation.
Conservative thinkers believe that Seoul should only allow the main commercial banks to emit KRW stable.
However, more progressive legislators want large technology companies to emit their own currencies.
Lee argued that conservative voices were “taking a backward step.” The former general secretary of the National Assembly said that in other nations, private companies, not banks, issue Stablcoins.
He pointed to companies such as Tether, the token USDT, and Circle, the USD Coin (USDC) issuer.
Lee said that the argument that banks should be the main currency emitters were “out of synchronization with the times.”
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