Lee Jae-myung of South Korea’s Democratic Party has been elected as the country’s new president, according to the national broadcaster JTBC, with the election having taken place on the 3rd of this month. During his previous policy discussions, Lee proposed the introduction of a stablecoin pegged to the Korean won. This initiative aims to prevent capital flight and enhance South Korea’s financial sovereignty. Currently, South Korean regulations do not permit the issuance of stablecoins domestically, resulting in local cryptocurrency exchanges predominantly relying on stablecoins pegged to the US dollar. Under Lee’s proposed financial strategy, the creation of a won-backed stablecoin could bring greater stability to the financial system while providing insulation from external monetary influences. His presidency is expected to usher in significant reforms in South Korea’s financial policies, with a focus on strengthening the nation’s economic independence.
Source: binance
