領先的法律和財務專家警告政治領導人，穩定的採用計劃對韓國經濟構成了危險。

以美元為基礎的穩定幣可能會對匯率和法定貨幣產生影響。

Leading legal and financial experts have cautioned political leaders that plans to adopt stablecoins pose a danger to the South Korean economy.

領先的法律和財務專家警告政治領導人，計劃採用穩定的人對韓國經濟構成危險。

Experts say that US dollar-based stablecoins could have an impact on exchange rates and fiat currencies.

專家說，以美元為基礎的穩定股幣可能會對匯率和法定貨幣產生影響。

The comments came at a digital assets-themed meeting of the Korea Economic Association at the FKI Tower Conference Center in Yeouido, Seoul, on May 19.

評論於5月19日在韓國Yeouido的FKI塔會議中心舉行的以數字資產為主題的會議上發表。

The FKI Tower Conference Center in Yeouido, Seoul, South Korea. (Source: FKI TV/YouTube/Screenshot)

位於韓國首爾Yeouido的FKI塔會議中心。 （來源：FKI電視/YouTube/屏幕截圖）

An expert panel expressed concerns about the possible proliferation of dollar-based stablecoins in South Korea.

一個專家小組對韓國的美元基礎穩定蛋白可能擴散表示擔憂。

The panel argued that stablecoin usage would reduce the volume of won-based payments made by both individuals and corporations in South Korea.

小組認為，穩定的使用將減少韓國個人和公司的基於贏的款項的數量。

It also claimed that the central Bank of Korea (BOK) could suffer as a result. The BOK, experts said, could lose the ability to manage money supplies or intervene in the foreign exchange markets.

它還聲稱韓國中央銀行（BOK）可能會遭受損失。專家說，BOK可能會失去管理貨幣供應或乾預外匯市場的能力。

The BOK has made similar statements in recent days, in response to stablecoin-related manifesto pledges from the leading presidential candidate Lee Jae-myung.

最近幾天，BOK發表了類似的陳述，以回應與總統候選人Lee Jae-Myung的與Stablecoin相關的宣言承諾。

Seoul shares open lower following US sovereign rating downgrade — The Korea Herald (@TheKoreaHerald)

在美國主權評級降級後，首爾分享了較低的公開率 - 韓國先驅報（@thekoreaherald）

Lee Jae-myung has pledged to launch a KRW-pegged stablecoin if he is elected President on June 3. Members of his party, the Democratic Party, have also argued that financial regulators – and not the BOK – should have the final say on stablecoin issuance.

如果李在6月3日當選總統，他的政黨成員（民主黨）也認為，金融監管機構（而不是BOK）應該對Stablecoin發行有最終決定權。

But others want to use existing stablecoins in their adoption plans. They claim that failing to adopt is hampering Seoul’s tech competitiveness.

但是其他人希望在其採用計劃中使用現有的穩定幣。他們聲稱未能採用的是阻礙首爾的技術競爭力。

These advocates favor allowing South Korean firms and payments companies to work with high-cap stablecoins like USDT and USDC.

這些倡導者贊成允許韓國公司和付款公司與USDT和USDC等高額股份穩定公司合作。

However, Lee Seung-seok, a senior researcher at the Korea Economic Research Institute, warned:

但是，韓國經濟研究所的高級研究員Lee Seung-Seok警告：

“If dollar-based stablecoins become established as a means of payment in South Korea, this could bring about structural changes in the won/dollar exchange rate determination mechanism. Exchange rates could soar due to a drop in KRW demand and an increase in demand for foreign currency.”

“如果以美元為基礎的穩定股作為韓國的付款手段，這可能會帶來won/美元匯率確定機制的結構性變化。由於KRW需求的下降和對外幣需求的增加，匯率可能會飆升。”

The researcher added that dollar-based stablecoins allow for rapid capital mobility. He added that their decentralized nature “could result in large-scale capital outflows in the event of a crisis.”

研究人員補充說，以美元為基礎的穩定穩定性允許快速資本流動性。他補充說，他們的分散性質“在發生危機時可能會導致大規模的資本流出”。

The market cap of USDC over the past month. (Source: CoinMarketCap)

在過去一個月中，USDC的市值。 （來源：CoinMarketCap）

Kim Hyo-bong, a former Financial Supervisory Service official, said that Washington and Brussels were both likely to launch stablecoin legislation in 2025. Kim said:

前金融監督服務官員金·霍·邦（Kim Hyo-Bong）說，華盛頓和布魯塞爾都可能在2025年發起Stablecoin立法。金說：

“South Korea should also make sure it acts in line with global trends.”

“韓國還應確保它與全球趨勢保持一致。”

Kang Tae-soo, a visiting professor at the KAIST Graduate School of Finance and a BOK Monetary Policy Committee member, said that stablecoins offer firms advantages in the payment and settlement spaces.

KAIST金融學研究生院，BOK貨幣政策委員會成員Kang Tae-Soo說，Stablecoins為付款和和解空間提供了優勢。

But Kang concurred that stablecoins were difficult to control. He said they could sow uncertainty in the monetary and foreign exchange policy sectors.

但是Kang同意難以控制穩定的。他說，他們可能會在貨幣和外匯政策部門播種不確定性。

The academic argued that the BOK and the government needed to ensure adoption plans “minimize side effects and maximize advantages.”

該學者認為，BOK和政府需要確保採用計劃“最大程度地降低副作用並最大化優勢”。

However, others warned against the dangers of over-regulation. Namgung Joo-hyun, an Associate Professor of Commercial Law at Sungkyunkwan University, said that the “global digital asset paradigm is rapidly changing.” He said:

但是，其他人警告不要過度監管的危險。 Sungkyunkwan大學商法副教授Namgung Joo-Hyun說，“全球數字資產範式正在迅速變化”。他說：

“We must take steps to ensure South Korea does not end up isolated due to excessive regulations. We need to establish a financial framework that provides both international consistency and industrial competitiveness.”

“我們必須採取措施，以確保韓國由於法規過多而不會被隔離。我們需要建立一個提供國際一致性和工業競爭力的財務框架。”

Foreign direct investment in Korea fell four notches in 2024 from a year earlier, ranking 17th among the world’s top 30 economies, data from the Bank of Korea (BOK) showed Sunday. — The Korea Times (@koreatimescokr)

韓國銀行（BOK）的數據顯示，在2024年，外國直接投資在2024年的四個檔次中排名第17位。 - 《韓國時報》（@koreatimescokr）

A War of Words

言語戰爭

Meanwhile, the presidential candidates’ stablecoin war of words continues. During the first televised debate between the four leading candidates for the June 3 poll, Lee Jae-myung reiterated his commitment to launching a KRW-pegged coin.

同時，總統候選人的言語戰爭仍在繼續。在6月3日民意調查的四個主要候選人之間的第一次電視辯論中，李·梅·蒙（Lee Jae-Myung）重申了他致力於發起KRW-Peggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggnggggggggggggggggggggggggggggggggggggggggggggggggggggggggggggn股份。

The four leading candidates for the South Korean presidential election meet for a televised debate. (Source: JTBC/Screenshot)

韓國總統大選的四個主要候選人開會進行了電視辯論。 （來源：JTBC/屏幕截圖）

But reported that Lee Jun-seok, of the rival Reform Party, challenged the frontrunner on the matter.

但據報導，競爭對手改革黨的李·朱尼克（Lee Jun-Seok）就此事提出了挑戰。

Lee Jae-myung refuted Lee Jun-seok’s challenge, claiming that “stablecoins based on fiat won collateral are stable.”

Lee Jae-Myung駁斥了Lee Jun-Seok的挑戰，他聲稱“基於菲亞特贏得的抵押品穩定的穩定者”。

However, Lee Jun-seok claimed that there were “no use cases” for any sort of stablecoins that use a peg other than the USD.

但是，Lee Jun-Seok聲稱，對於使用USD以外的任何其他PEG，沒有任何類型的Stablecoins“沒有用案例”。

He continued, explaining that USDC and USDT, combined, “account for 90% of the stablecoin market.” Lee Jun-seok asked the frontrunner what measures he would take “to prevent the illegal circulation of stablecoin funds, such as remittances to North Korea.”

他繼續解釋說，USDC和USDT總結了“佔Stablecoin市場的90％”。 Lee Jun-Seok問Frontrunner，他將採取的措施“防止非法流通Stablecoin資金，例如匯款到朝鮮”。