Kim Seo-joon: "The 'golden time' for a KRW stablecoin is now... We must not miss the digital finance trend"

Kim Seo-joon, CEO of Hashed, emphasized that there should be no hesitation in promoting the introduction of a KRW stablecoin.

On the 2nd, CEO Kim stated on his Facebook, "The competition over currency sovereignty surrounding stablecoins is intensifying worldwide," and added, "While the United States, Europe, and Hong Kong are racing to institutionalize their own currency-based stablecoins with different strategies to establish dominance in digital finance, there are still persistent voices in South Korea hesitating to introduce a KRW stablecoin due to concerns about capital outflow and exchange rate stability."

He acknowledged these concerns as valid but stressed the importance of not ignoring global trends. He said, "It's understandable to worry that rapid capital flows could threaten stability as a country that does not issue a key currency. However, the solution should not be to entirely block the trend. That would be as self-defeating as closing hospitals out of fear of contagious diseases."

He also mentioned the need to remember the side effects of the capital control system established after the foreign exchange crisis. CEO Kim said, "The capital control system introduced after 1997 brought short-term stability but, in the long run, led to reliance on uncompetitive protection, exclusion from digital innovation, and voluntary capital outflows. Now, instead of asking how to block outflows, we must pose the fundamental question: why does capital wish to leave the KRW system?"

CEO Kim emphasized that right now is the last chance to properly design the KRW stablecoin and proactively control risks in order to lead digital finance.

He advised laying the foundation through △improving the issuance system and regulatory framework for the KRW stablecoin △introducing a digital forex sandbox △ensuring an international distribution network for KRW.

Kim warned, "The moment of choice has come. We can no longer turn a blind eye to the accumulated debt of financial isolation caused by the old spell of capital outflows. If we miss this chance again, the cost we will pay is clear."