韩国银行旨在先享受赢得稳定发行的控制权

韩国民主党的总统候选人李·杨（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.

韩国民主党总统候选人Lee Jae-Myung引发了有关胜利Stablecoin激活的讨论。现在，这个话题已升级为韩国银行和金融服务委员会之间的权力斗争。

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.

持有管理虚拟资产的权力的金融服务委员会正在寻求通过立法正式化Stablecoins的监督框架。但是，中央银行以对货币政策的影响进行了干预。

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

◇韩国银行：“货币当局应从批准阶段中持有权力”

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.

根据政治部门25日的报道，第一份关于《数字资产基本法》的法案草案，韩国民主党民主党成员Min Byeong-Deok于上个月透露，其中包括授予批准批准STABLECOINS发行的权力的规定这被解释为可能影响制度化方向的信号，是首次阐明以前模棱两可的管理实体为金融服务委员会的尝试。

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.

该法案的概念揭示了金融服务委员会的强烈决心。自去年11月以来，金融服务委员会一直在前副主席Kim So-Young领导的公私法律咨询机构“虚拟资产委员会”，以主持有关数字资产立法的讨论，包括StableCoins。最近，委员会甚至开始了针对虚拟资产的第二阶段，加速了建立监管框架。

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.

金融服务委员会热衷于建立系统的原因是，稳定币会影响金融稳定。如果将Stablecoins用作电子资金等付款方式，则可以取代银行存款，从而削弱银行作为资金中介的角色。从金融当局的角度来看，越来越迫切需要最大程度地减少稳定剂的副作用并建立一个管理系统，该系统允许在机构框架内进行安全控制。

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，中央银行对这一运动表示关注。这是因为韩国银行被排除在Stablecoins的管理框架之外。由于Stablecoins的结构是将1：1与法定货币（例如WON）联系起来，因此它们可能会对中央银行的货币政策产生重大影响。因此，韩国银行坚持认为它应该是管理当局的中心。

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.

特别是，如果发生意外冲击并且价值变得不稳定，则可能需要赎回的需求，这可能会降低法定货币的价值。如果Won Stablecoin的私人发行人未能回应赎回请求，则可以对金融机构或付款系统施加流动性压力。这可能导致市场利率上升和短期流动性短缺，有可能承担汇率和货币政策管理的负担。

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."

在这种情况下，韩国银行电子金融团队负责人Ko Kyung-Cheol参加了韩国金融法协会举行的研讨会，并指出：“ StableCoins对中央银行政策的执行有重大影响，这对诸如货币稳定，金融稳定和支付系统等诸如ISS批准的企业级别的批准是必要的，这是必要的。

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

◇美国，欧盟和英国也授予其中央银行的监督权

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.

这种立场与其他国家的主要中央银行相似。美国美联储主席杰罗姆·鲍威尔（Jerome Powell）曾多次表示，应将稳定币视为“银行存款的数字形式”，如果未经美联储的批准，则不应发行。美联储通过向国会提交意见并在有关相关法案的听证会上作证来发挥其影响力。

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.

欧洲中央银行（ECB）也正在积极参与签发稳定的发行。根据2023年6月生效的加密资产管理法规（MICA）的市场，欧洲央行可以拒绝或要求取消批准，如果确定发行稳定的股co对货币政策和金融稳定性产生负面影响。

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.

英格兰银行拥有有关系统重要的数字支付资产（DSA）的监督和监管权。具体而言，英格兰银行可以设定资本要求，储备金和备份资产要求，并对运营商和服务提供商施加规则。只有金融行为管理局（FCA）才能对并非全身重要的稳定币发行和监督权。

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."

韩国银行官员解释说：“稳定币可以取代法定货币并威胁货币主权，它们也可以影响货币政策的有效性，在中央银行不禁要干预的领域中提出了潜在的副作用。

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

专家建议，韩国银行和金融服务委员会的联合角色对于稳定的管理是必要的。 Choi jae-won，a