Governor Changyong Lee: "Stablecoins as Currency Substitutes... Urgent Regulation Needed"
Summary
- Governor Changyong Lee of the Bank of Korea stated that stablecoins act as currency substitutes and that regulation is urgently needed.
- Governor Lee pointed out that Tether (USDT) has the potential to circumvent South Korea's capital and foreign exchange regulations.
- He conveyed the need to review regulatory measures for stablecoins denominated in won and dollars.
Governor Changyong Lee of the Bank of Korea has stated that regulation of stablecoins (virtual assets linked to the value of fiat currency) is urgently needed.
According to industry sources on the 6th (Korean time), Governor Lee pointed out at a press conference held at a hotel in Milan, Italy, where he attended the 'ASEAN+3 Finance Ministers and Central Bank Governors' Meeting', that "stablecoins based on assets like the won or the dollar are substitutes for currency," and that "Tether (USDT) and others have a high possibility of circumventing our country's capital and foreign exchange regulations, so regulation is urgent."
He stated, "Global stablecoins denominated in dollars should be viewed from the perspective of the Foreign Exchange Transactions Act," and "we need to review whether to allow stablecoins denominated in won."
Uk Jin
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