Kim Seo-joon: "Now is the 'golden time' for Korean won stablecoins... We must not miss the digital finance trend"

Kim Seo-joon, CEO of Hashed, stressed that there should be no hesitation in promoting the introduction of a Korean won stablecoin.

On the 2nd, CEO Kim stated on his Facebook, "Globally, the competition over currency sovereignty around stablecoins is intensifying," adding, "The United States, Europe, and Hong Kong are racing to institutionalize stablecoins based on their national currencies with different strategies in order to seize the lead in digital finance. However, in South Korea, ongoing concerns about capital outflow and exchange rate stability continue to cause hesitation over introducing a Korean won stablecoin."

He emphasized that while such concerns are valid, the global trend should not be ignored. He said, "From the position of a non-reserve currency country, concerns that rapid capital movement can threaten stability are valid. However, the solution should not be to block the trend entirely. That would be like closing hospital doors out of fear of an infectious disease."

He also mentioned the side effects caused by the capital control system established after the foreign exchange crisis. CEO Kim noted, "The capital control system introduced after 1997 brought about short-term stability, but in the long run, it resulted in reliance on a noncompetitive protective shield, exclusion from digital innovation, and voluntary departure of capital. Now, instead of asking how to block outflow, we need to address the fundamental question of why capital wants to leave the won system."

Kim Seo-joon emphasized that right now is the last opportunity to properly design the won stablecoin and to preemptively control risks in order to lead digital finance.

He advised laying the groundwork through △ systematization and regulation of won stablecoin issuance △ introduction of a digital foreign exchange sandbox △ securing an international won distribution network.

CEO Kim warned, "Now the moment of choice has come. We can no longer turn away from the accumulated debt of financial isolation caused by outdated mantras that capital could flow out. If we miss this opportunity once more, the cost we pay will be clear."