Bank of Korea governor Rhee Chang Yong is scheduled to meet with the head of the country’s major commercial banks this month, and the meeting is expected to address growing political pressures to allow the issuance of WON-based Stablecoins.
The rally scheduled to be held at the Bank of Korea headquarters in Seoul on June 23rd is likely to see increasing debate over how South Korea should regulate its digital assets.
Stablecoins could control the agenda following new pushes in the political field.
Last week, Democrat lawmaker Min Byung-Deok proposed a “basic digital assets law.” This includes provisions that allow Koreans to remain, reduce issuer capital requirements and open doors to fintech companies.
Political change comes after Korea was selected Lee Jae-myeon as president in the Snap election on June 3 was triggered by his predecessor, bluffing each.
A longtime crypto advocate, Lee has pledged to legalize Spot Bitcoin ETFs and introduce a regulated Stablecoin market to prevent capital outflows.
The South Korean crypto exchange transferred $40.6 billion worth of digital assets overseas in the first quarter of 2025. About half of that amount was ridiculous things like USDT and USDC, urging concerns about capital flight and financial sovereignty.
Lee’s administration supports the use of Stablecoins, but central banks have expressed caution, particularly with non-bank issuers, as central banks’ interest in digital currencies is declining.
The Bank of Korea argues that such a model could undermine monetary policy and cause financial instability during the crisis.
Recently, Vice Governor Lee John Lior Confirmed Banks are investigating blockchain-linked deposit tokens as a more limited alternative.
He also raised an alarm about a surge in foreign Tadaya, known as the “most concern” part of South Korea’s digital asset landscape.
edit Sebastian Sinclair
