韓國銀行旨在先享受贏得穩定發行的控制權

韓國民主黨的總統候選人李·楊（Lee Jae-Myung

Lee Jae-myung, the presidential candidate for the Democratic Party of Korea, has sparked discussion on the activation of the won stablecoin. This topic has now escalated into a power struggle between the Bank of Korea and the Financial Services Commission.

韓國民主黨總統候選人Lee Jae-Myung引發了有關勝利Stablecoin激活的討論。現在，這個話題已升級為韓國銀行和金融服務委員會之間的權力鬥爭。

The Financial Services Commission, which holds the authority to manage virtual assets, is seeking to formalize the supervisory framework for stablecoins through legislation. However, the central bank has intervened, citing the impact on monetary policy.

持有管理虛擬資產的權力的金融服務委員會正在尋求通過立法正式化Stablecoins的監督框架。但是，中央銀行以對貨幣政策的影響進行了乾預。

◇ The Bank of Korea: "The currency authority should hold power from the approval stage"

◇韓國銀行：“貨幣當局應從批准階段中持有權力”

According to reports from the political sector on the 25th, the draft of the first bill on the 'Digital Asset Basic Act,' revealed by Min Byeong-deok, a member of the Democratic Party of Korea, on the 24th of last month, included provisions that grant the authority to approve the issuance of stablecoins to the Financial Services Commission rather than the Bank of Korea. This is interpreted as a signal that could influence the direction of institutionalization, being the first attempt to clarify the previously ambiguous managing entity as the Financial Services Commission.

根據政治部門25日的報導，第一份關於《數字資產基本法》的法案草案，韓國民主黨民主黨成員Min Byeong-Deok於上個月透露，其中包括授予批准批准STABLECOINS發行的權力的規定這被解釋為可能影響制度化方向的信號，是首次闡明以前模棱兩可的管理實體為金融服務委員會的嘗試。

The bill's conception reveals a strong determination on the part of the Financial Services Commission. Since last November, the Financial Services Commission has been operating a public-private legal advisory body, the 'Virtual Asset Committee,' led by former Deputy Chair Kim So-young, to lead discussions on legislation for digital assets, including stablecoins. Recently, the Commission has even begun the second phase of legislation for virtual assets, accelerating the establishment of a regulatory framework.

該法案的概念揭示了金融服務委員會的強烈決心。自去年11月以來，金融服務委員會一直在前副主席Kim So-Young領導的公私法律諮詢機構“虛擬資產委員會”，以主持有關數字資產立法的討論，包括StableCoins。最近，委員會甚至開始了針對虛擬資產的第二階段，加速了建立監管框架。

The reason the Financial Services Commission is keen on establishing a system is that stablecoins can impact financial stability. If stablecoins are used as payment methods like electronic money, they could replace bank deposits, weakening the bank's role as an intermediary for funds. From the perspective of financial authorities, it has become increasingly urgent to minimize the side effects of stablecoins and build a management system that allows for safe control within the institutional framework.

金融服務委員會熱衷於建立系統的原因是，穩定幣會影響金融穩定。如果將Stablecoins用作電子資金等付款方式，則可以取代銀行存款，從而削弱銀行作為資金中介的角色。從金融當局的角度來看，越來越迫切需要最大程度地減少穩定劑的副作用並建立一個管理系統，該系統允許在機構框架內進行安全控制。

However, the central bank has expressed concerns regarding this movement. This is because the Bank of Korea is being excluded from the management framework of stablecoins. Since stablecoins are structured to link 1:1 with legal tender, such as the won, they could significantly impact the central bank's monetary policy. For this reason, the Bank of Korea has insisted that it should be at the center of management authority.

但是，中央銀行對這一運動表示關注。這是因為韓國銀行被排除在Stablecoins的管理框架之外。由於Stablecoins的結構是將1：1與法定貨幣（例如WON）聯繫起來，因此它們可能會對中央銀行的貨幣政策產生重大影響。因此，韓國銀行堅持認為它應該是管理當局的中心。

In particular, if unexpected shocks occur and the value becomes unstable, there could be a demand for redemption, which might lower the value of legal currency. If a private issuer of a won stablecoin fails to respond to redemption requests, liquidity pressures could be imposed on financial institutions or the payment system. This could lead to increased market interest rates and a shortage of liquidity in the short term, potentially placing a burden on exchange rates and the management of monetary policy.

特別是，如果發生意外衝擊並且價值變得不穩定，則可能需要贖回的需求，這可能會降低法定貨幣的價值。如果Won Stablecoin的私人發行人未能回應贖回請求，則可以對金融機構或付款系統施加流動性壓力。這可能導致市場利率上升和短期流動性短缺，有可能承擔匯率和貨幣政策管理的負擔。

In this context, Ko Kyung-cheol, head of the electronic finance team at the Bank of Korea, attended a seminar held by the Korean Financial Law Association and noted, "Stablecoins have a significant impact on the execution of central bank policies such as monetary policy, financial stability, and payment systems," adding that "it is necessary to grant substantial legal authority to the central bank at the approval stage regarding entry regulation for issuers."

在這種情況下，韓國銀行電子金融團隊負責人Ko Kyung-Cheol參加了韓國金融法協會舉行的研討會，並指出：“ StableCoins對中央銀行政策的執行有重大影響，這對諸如貨幣穩定，金融穩定和支付系統等諸如ISS批准的企業級別的批准是必要的，這是必要的。

◇ The U.S., E.U., and U.K. also grant supervisory powers to their central banks

◇美國，歐盟和英國也授予其中央銀行的監督權

This stance is similar to that of major central banks in other countries. Jerome Powell, the chair of the U.S. Federal Reserve, has repeatedly stated that stablecoins should be regarded as 'a digital form of bank deposits' and should not be issued without the Fed's approval. The Federal Reserve is exerting its influence by submitting opinions to Congress and testifying at hearings on related bills.

這種立場與其他國家的主要中央銀行相似。美國美聯儲主席杰羅姆·鮑威爾（Jerome Powell）曾多次表示，應將穩定幣視為“銀行存款的數字形式”，如果未經美聯儲的批准，則不應發行。美聯儲通過向國會提交意見並在有關相關法案的聽證會上作證來發揮其影響力。

The European Central Bank (ECB) is also actively participating in the issuance of stablecoins. According to the Markets in Crypto-Assets Regulation (MiCa), which came into effect in June 2023, the ECB can refuse or demand the cancellation of approval if it determines that the issuance of stablecoins has a negative impact on monetary policy and financial stability.

歐洲中央銀行（ECB）也正在積極參與簽發穩定的發行。根據2023年6月生效的加密資產管理法規（MICA）的市場，歐洲央行可以拒絕或要求取消批准，如果確定發行穩定的股co對貨幣政策和金融穩定性產生負面影響。

The Bank of England holds supervisory and regulatory powers over systemically important digital payment assets (DSA). Specifically, the Bank of England can set capital requirements, reserves, and backup asset requirements, and impose rules on operators and service providers. Only the Financial Conduct Authority (FCA) holds issuance and supervisory powers over stablecoins that are not systemically important.

英格蘭銀行擁有有關係統重要的數字支付資產（DSA）的監督和監管權。具體而言，英格蘭銀行可以設定資本要求，儲備金和備份資產要求，並對運營商和服務提供商施加規則。只有金融行為管理局（FCA）才能對並非全身重要的穩定幣發行和監督權。

A Bank of Korea official explained that "stablecoins can replace legal currencies and threaten currency sovereignty, and they can also affect the effectiveness of monetary policy, presenting potential side effects in fields where the central bank cannot help but intervene," adding that "the Bank of Korea is not trying to monopolize authority but emphasizes the need to examine aspects that should be observed at the authorization stage."

韓國銀行官員解釋說：“穩定幣可以取代法定貨幣並威脅貨幣主權，它們也可以影響貨幣政策的有效性，在中央銀行不禁要干預的領域中提出了潛在的副作用。

Experts advise that a joint role of the Bank of Korea and the Financial Services Commission is necessary for the management of stablecoins. Choi Jae-won, a

專家建議，韓國銀行和金融服務委員會的聯合角色對於穩定的管理是必要的。 Choi jae-won，a