The manager of Korea, Lee Chang-Yong, announced the threat of stability of the South Korean financial market, caused by stabelcoins tied to the national currency, which are produced by non-banking organizations.

Such digital assets are able to transfer control of the national vascular, a voluntary, private issuers, as well as strengthen the outflow of capital from the country, leading to “currency chaos” and an increase in demand for US dollars.

“If we allow non -banking organizations to make payment settlements, then the structure of the profit of banks will change significantly. There is a chance that monetary chaos will be repeated, which was in the country in the 19th century due to the walking of a variety of private money, ”Lee explained Chan Yong.

The manager of the Central Bank recalled that at the end of the reign of the Chospon dynasty (1392–1897), there were several options for bills and coins produced by private individuals in the circulation. In those days, before the introduction of a single national currency, coins nominated in Muna, as well as money produced by merchants and communities, were used in Korea – there were no uniform standards of emissions and control for that kind of money.

To minimize the risks, the head of Bank Korea proposed allowing the release of stablecoins only by banks under the strict supervision of the Central Bank. According to the official, this will prevent crises similar to the collapse of Stablecoin Terrausd, which caused in 2022 significant losses for crypto -investors around the world.