Asia Morning Briefing: Korea’s 'Onshore' Won Policy Could Hinder Its Stablecoin Ambition
Main Idea
South Korea's restrictions on the internationalization of the Won and its onshore-only policy for stablecoins could limit their utility and adoption.
Key Points
1. South Korea has kept the Won domestic since the 1997 Asian Financial Crisis, limiting its international use.
2. A Won stablecoin would require whitelisted, KYC-verified addresses tied to Korea, reducing its broader utility.
3. Domestic interbank transfers in Korea already operate efficiently, leaving little need for a KRW stablecoin.
4. Taiwan faces a similar issue with its dollar, which is freely convertible but cannot be used offshore.
5. A Hong Kong Dollar stablecoin might have more global utility compared to Won or NTD stablecoins.
Description
Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. South Korea’s decision to shelve its central bank digital currency pilot in favor of private-sector stablecoins has sparked a wave of activities among fintechs and banks. As CoinDesk previously reported , KakaoBank is weighing b...
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