South Korea's Stablecoin Policy: Who Is Truly Benefiting?
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South Korea's Stablecoin Policy: Who Is Truly Benefiting?
Will K-POP and K-Culture become a testing ground for games of interest and power?
Navigating Web3 tides with focused insightsAuthor: MORBID-19
Translation: TechFlow
In hindsight, everything is so obvious!
It's me again, ranting about the Korean won stablecoin.
But today I finally figured out why our "gatekeepers" are so eager to promote stablecoins.
I think I've uncovered their true motive behind all this!
Let's first look at a report from The Financial News:
Ahn Do-geol, former Vice Minister of Economy and Finance, recently formed a working group with the Ministry of Strategy and Finance, the Bank of Korea, the Financial Services Commission, the Korea Capital Market Institute, and other relevant institutions to draft legislation on won-denominated stablecoins.
(...)
Ahn Do-geol's office plans for the bill to cover not only basic qualifications and licensing requirements for stablecoin issuers, but also include provisions on collateral asset requirements, monetary policy management measures, foreign exchange transaction regulations, and user protection mechanisms.
Hwang Se-woon, a senior researcher at the Korea Capital Market Institute and member of Ahn Do-geol’s won-stablecoin special task force, emphasized that only entities meeting strict qualification criteria should be allowed to issue stablecoins, and issuer eligibility should be granted through a licensing system.
TLDR: Issuing won-denominated stablecoins will likely require government approval
So who is most likely to receive government approval? Perhaps those closely connected to the government? Or established companies that have already hinted they're preparing for this?
Nobody really knows who will ultimately benefit from this rushed policy, but the market seems to be placing very active bets on certain names.
KakaoPay is one of the obvious candidates among potential beneficiaries of the won stablecoin, given that it's one of South Korea's largest payment apps.
With KakaoPay leading the way, the Kakao Group is planning to deploy its own bank, KakaoBank, further advancing its stablecoin ambitions.
Looks like Korea's crypto players are going to get "fed again," while that "invisible hand" seems to be quietly at work.
But is that hand really invisible? Or is it actually "visible" to certain people?
Thanks to 4K cameras, that "invisible hand" has become clearly visible
Exposing elected officials who claim they don't hold securities but may be involved in insider trading.
Image: Democratic Party lawmaker Lee Chun-seok trading stocks under someone else's name during a parliamentary session.
Democratic Party lawmaker Lee Chun-seok was photographed conducting stock trades via a mobile trading app during a plenary session of the National Assembly, including trades of Naver shares. The problem is that the account shown in the photo isn't registered under "Lee Chun-seok," but under his aide, Mr. Cha.
(...)
Although two similar photos were taken within a 10-month period, Lee's asset disclosure statement as of December 31 last year stated that neither he nor his family members held any stocks (securities). Under the Act on Real Name Financial Transactions, all financial transactions must be conducted under real names. Anyone using another person's name for illegal purposes such as asset concealment could face up to five years in prison or fines of up to 50 million won.
This classic "I don't care if there's a 125x zoom camera watching me—let me check how my stocks are doing while casting my vote" moment truly leaves me speechless.
While it's still inconclusive whether he actually engaged in insider trading, the mere fact that he used his aide's account reeks of criminal behavior.
Speaking of crime, many things are being carried out under the guise of "educational content."
Original video link: Click here
At the 17:06 mark of the above video, the speaker claims that K-Pop and Korean culture (K-Culture) could serve as a strong use case for the won stablecoin, echoing arguments made by politicians pushing for related legislation.
However, what's truly shocking about this video isn't the content itself, but rather when you read the comments section and see audiences expressing nothing but disappointment toward the channel creator:
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"What happened to you? Are you running for office?"
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"Seems I overestimated Hyoseok all along..."
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"What's going on? Did the government threaten you into making this video? Haha... yeah."
Yet seeing these voices of dissent against such "brainwashing" attempts makes me feel a bit uneasy, because I suddenly realize that these questioning individuals might just be an absolute minority in this country.
The majority don't even care what stablecoins are or how they work. Only those with a certain level of financial literacy have the capacity to pay attention and address these issues.
The current administration enjoys a 65% approval rating. Of course, this has absolutely nothing to do with those free $100 vouchers!
As long as they keep throwing money around, maybe they'll eventually achieve their goals.
We'll all succeed.
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