BOK chief says he is not against won-based stablecoins but has forex concerns
By Cynthia Kim and Jihoon Lee
SEOUL (Reuters) -South Korea's central bank governor said on Wednesday he was not against issuing won-denominated stablecoins but had concerns about managing capital flows.
"Issuing won-based stablecoin could make it easier to exchange them with dollar stablecoin rather than working to reduce use of dollar stablecoin. That in turn could increase demand for dollar stablecoin and make it difficult for us to manage forex," Rhee Chang-yong told a press conference in Seoul.
Stablecoins, a type of cryptocurrency designed to maintain a constant value – typically pegged 1:1 to the U.S. dollar – are widely used by crypto traders to move funds between tokens, and are starting to be adopted by more and more companies.
Regulators in many countries are skeptical about cryptocurrencies as they are seen as speculative and as competitors to national currencies.
Rhee's comments come as South Korea's left-leaning President, Lee Jae Myung, is seen delivering on his election pledge to allow companies to issue won-based stablecoins.
The ruling Democratic Party proposed earlier this month the Digital Asset Basic Act, designed to set up regulatory infrastructure needed to help local companies issue won-denominated stablecoins.
President Lee appointed a former crypto firm chief, Kim Yong-beom, as his chief policy officer in his first week in office, further boosting speculation that the government would take action to allow issuance of stablecoins backed by the Korean won.
Kim has previously served as vice chairman of the Financial Services Commission before becoming chief executive of Hashed Open Research, a think tank affiliated with crypto venture capital firm Hashed Ventures Inc.
Governor Rhee has previously told reporters that allowing stablecoins to be issued by local companies, rather than the central bank, could significantly undermine the effectiveness of monetary policy and capital flow control.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
20 minutes ago
- Associated Press
GEEKOM Unveils IT15: The Most Powerful Intel Mini PC Yet
TAIPEI, June 18, 2025 /CNW/ -- GEEKOM, a leading innovator in mini PC technology, is set to release its latest powerhouse, the GEEKOM IT15, setting a new benchmark for compact computing. Designed for professionals and businesses, this ultra-compact mini PC combines high-performance processing, robust stability, and unparalleled connectivity, making it the perfect solution for modern workspaces. At the heart of the IT15 is Intel's 2nd Gen Core™ Ultra processor (up to Ultra 9), which delivers enhanced single-core performance and improved energy efficiency. By eliminating Hyper-Threading, the system optimizes pure computing power, ensuring rapid response times and higher productivity. With a turbo clock of up to 5.4 GHz, it effortlessly handles demanding tasks such as video editing, coding, and graphic design. The IT15 also leverages AI-driven performance optimization, enhancing system efficiency for task scheduling, power management, and content creation workflows. Built for durability, the IT15 features a rock-solid all-metal chassis, providing superior protection against impacts while maintaining long-term operational stability. Rigorous component testing ensures uncompromised reliability, making it an ideal choice for both personal and enterprise use. Despite its sleek 0.46-liter form factor, the IT15 offers desktop-level performance without sacrificing efficiency. Its ultra-compact design allows flexible deployment in any workspace, whether mounted behind a monitor or used as a mobile workstation for remote professionals. Connectivity is another standout feature, with 4 USB-A ports and 2 high-speed USB4 Type-C ports supporting 40Gbps transfer speeds, PD power delivery, DisplayPort output, and even external GPUs for advanced graphics performance. The IT15 can drive up to four 4K displays, making multitasking seamless and immersive. The IT15's networking capabilities are also future-ready, as it features Wi-Fi 7 with 3D spatial antennas and a 2.5Gbps LAN port, ensuring high-speed data transfers, stable remote collaboration, and smooth HD video conferencing. Pre-installed with Windows 11, the IT15 is ready to rock out of the box, with additional support for Manjaro, Ubuntu, and Android x86, catering to developers and tech enthusiasts. Backed by a three-year manufacturer warranty, GEEKOM ensures long-term reliability and dedicated after-sales support. The GEEKOM IT15 will be officially available for purchase on June 18th, 2025, through GEEKOM's official website and Amazon Store. Contact: Rosa Tian [email protected] View original content to download multimedia: SOURCE GEEKOM
The Hill
42 minutes ago
- The Hill
‘No Kings' protests give badly needed spark of optimism to Democrats
Democrats have been looking for a jolt of energy since their devastating November loss of the White House to President Trump, and they finally feel like they got one this past weekend during the 'No Kings' protests. Millions marched in demonstrations across the country, from small towns to cities, with those marching raising their voices and signs against President Trump and his administration's policies, particularly on immigration. Democrats are now pondering how to harness the power of the protests and parlay it into ongoing excitement for a party that has felt lost and rudderless since former Vice President Kamala Harris's defeat. They say it's a different kind of energy than the resistance that emerged in 2017, during Trump's first administration, and is only gaining in popularity this time, five months into Trump's second term. 'One of the things that is so encouraging about No Kings … is that it seems like the opposition to Trump is growing,' said Democratic strategist Joel Payne. 'This time, it's already bigger and feeling more diverse and more sustainable.' 'These are not just the coffeehouse liberals who are coming out to protests — you are seeing independents and less political people showing up at these rallies,' Payne added. 'And the rallies are not just in big blue cities. They are all over the country and communities large and small. Trump's overreach has really united the opposition more quickly than it did in his first term.' Five million protesters turned out for the No Kings organization's 'national day of action' against the Trump administration in more than 2,000 cities and towns across the country. The marches took place as a parade in honor of the Army took place in Washington, D.C., on Trump's birthday. And Democratic strategist Christy Setzer said the sheer volume of demonstraters sent a powerful message about the reemergence of the Trump resistance — regardless of what one thinks about the word 'resistance' as a political brand. 'I don't know that it's a problem if it's seen, for now, as 'the resistance,' especially if that resistance means … one of the biggest protests in American history,' Setzer said. In the long term, she said, part of the goal is to change the narrative that a majority of the country supports Trump, 'or at least is passively OK with his ideas, to an understanding that millions of Americans are not OK with it.' The protests and defiance against Trump come as the Democratic Party attempts to rebuild in the aftermath of November's election. In their period of self-reflection since then, Democrats — in various postmortems and focus groups — have sought to figure out what went wrong and how they managed to lose not only the White House but both chambers of Congress. Many Democratic thinkers have concluded that the party had become too fixated on Trump, without connecting with voters. Much of the argument in the 2024 presidential race, for example, revolved around the threat that Trump posed to democracy when the issue voters cared about most was the economy. Since then, Democrats have pondered existential questions, including what the Democratic Party represents. 'There is not a thesis or a coherent answer to that question and there hasn't been one in a while,' said Democratic strategist Jamal Simmons. 'At some point, they've got to be for something.' Simmons conceded that the protests are indeed where the energy resides in the party. That energy, he said, has definitely galvanized the base and has given the party a sense of purpose. But he said a larger question looms: 'The question is, is that where the energy is for independent voters, for young voters, for new voters?' Those questions come as there is decreasing optimism within the Democratic Party. An AP/NORC poll revealed last month that 35 percent of surveyed Democrats were optimistic about the party's future, compared with 57 percent in July 2024. A separate CNN/SSRS survey also out last month showed a sense that the party lacks strong leaders and that it is not offering change to Americans, which underpins the dwindling optimism. Democrats acknowledge that they have a long way to go in their rebuilding efforts, but they say demonstrations like the ones last weekend help to lay the groundwork to lure more voters to their ranks. Democratic strategist Eddie Vale said that while his party does need to do a better job of offering up an agenda, the protests provide 'a barometer of where things are headed right now.' Vale said that the protests could help grow and expand a movement of potential voters. 'Then, state by state, race by race, district by district, the Democrats have to catch those people and catch that energy and show them that voting in an election and voting for them is going to get you something,' he said. Vale acknowledged that the protests alone aren't enough. Democrats have to use the energy from the protests to offer the change their base is seeking. 'Candidates need to do a good job of laying out that if you just spent the … past year and a half marching in the streets because you were upset about XYZ, here are my ideas and solutions for how we can fix those things,' he added. Vale said while the protests made him 'super excited' about the positioning of the Democratic Party, he cautioned against 'overtaxing' voters with too many demonstrations like No Kings. But Setzer and other Democrats say it's giving the party some much-needed oxygen. 'If you're a protest organizer, keep it up,' she said. 'Let's do this regularly, to show sustained opposition. 'If you're an elected official, show you're not scared,' Setzer added. 'Don't pull punches. Understand that people aren't looking for bipartisanship right now. They're looking for you to stand up for what's right, even if you're the only one doing it.'
Los Angeles Times
44 minutes ago
- Los Angeles Times
Former California and Los Angeles Democratic Party chair Eric Bauman dies at 66
Eric Bauman, a gruff and tireless political operative who led two of California's most powerful Democratic organizations before resigning amid misconduct allegations, died Monday. His family said in a statement that Bauman died at UCLA West Valley Medical Center after a long illness. He was 66. Born in the Bronx to an Army doctor and a registered nurse, Bauman went to military school and moved to Hollywood just before he turned 18. He became a nurse and met his husband, also a nurse, in a hospital cafeteria during an overnight shift in the early 1980s. Motivated in part by the AIDS crisis, Bauman became active in the Stonewall Democratic Club Los Angeles, a progressive political group, and was elected president of the organization in 1994. Bauman grew L.A. County Democratic Party into a political force as chairman from 2000 to 2017 and expanded the number of Democrats winning elections at every level of government, from water boards to the U.S. House of Representatives. 'I turned the L.A. Democratic Party from a $50,000-a-year organization into a $1.5 million-a-year organization,' he told a reporter in 2011. With a Bronx affect and a gold signet ring on his pinkie finger that he twisted when he was under pressure, Bauman built a reputation as an old-school party boss who would give you the bad news straight. Democrats compared him to Ray Liotta, and some called him the 'Godfather of Democratic politics.' 'People come up to me on the street all the time and think I'm Joe Pesci,' he told the Times in 2017. 'I try to work with that.' Bauman ran for state Democratic Party chair in 2017. After a bruising election that exposed the fractures between the progressive and establishment wings of the party, Bauman was elected by a mere 62 votes. He was the first openly gay and first Jewish person to chair the party. 'I don't wear a button that says, 'Look at me, I'm gay,'' Bauman said in a 2009 interview with the UCLA Film and Television Archive. But, he said, 'I never fail to recognize my partner from any podium. It is in my bio. It is a part of who I am.' The high point of his tenure was the 2018 midterm elections, when California Democrats flipped seven seats in the U.S. House of Representatives and won back a veto-proof supermajority in the state Legislature. Bauman said he wanted to overturn California's voter-approved 'jungle primary' system, which allows the top two vote-getters to advance to the general election, regardless of party. Bauman argued that Democrats should pick their own nominees, rather than spending millions of dollars fighting in the primaries. In late 2018, The Times reported that Bauman had made crude sexual comments and had engaged in unwanted touching or physical intimidation in professional settings, citing 10 party staff members and political activists. Bauman resigned, saying he planned to seek treatment for health issues and alcohol use. The state Democratic Party fired top staffers in the wake of the allegations and eventually paid more than $380,000 to settle a sexual misconduct lawsuit brought by three of his accusers. A party spokeswoman did not respond to requests for a statement on Bauman's death Tuesday. After his resignation, Bauman disappeared from public life for several years. More recently, he began hosting a radio show called 'The UnCommon Sense Democrat' on the Inland Empire's KCAA-AM 1050. In the mid-2000s, when Republicans still represented many outlying areas of Los Angeles County, Bauman set up a 'red zone program' at the L.A. County Democratic Party that funneled money and volunteers to Democrats running for seats in GOP strongholds. The investments were a gamble, but they built relationships and better candidates — and sometimes, a long shot candidate actually won, said former state lawmaker Miguel Santiago, who first got involved with the party in the early 2000s. 'He was really hungry for Democratic wins,' Santiago said. 'There was no seat that that guy left on the table, whether it was a community college seat, a school board race, a water board race.' Bauman also worked to strengthen ties with organized labor, now the California Democratic Party's most powerful ally, and build voter registration and turnout. State Assemblymember Mark Gonzalez, who chaired the county party after Bauman, said he spent countless hours as a young volunteer entering information about newly registered voters into the party database. The data came from a booth that the Democratic Party set up outside citizenship ceremonies where newly eligible voters could register to vote as Democrats, he said. Bauman sent a signed card to each person, congratulating them and welcoming them to the party. 'That touched people, and it showed them that they matter,' Gonzalez said. Bauman also worked for Gov. Gray Davis and insurance commissioner John Garamendi and as a consultant to several Assembly speakers, including Anthony Rendon of Los Angeles and Toni Atkins of San Diego. He is survived by his husband and partner of 42 years, Michael Andraychak, and his father and sister, Richard and Roya Bauman.
