South Korea's first ”Stablecoin Council” launched... ”We must not miss this golden opportunity”

According to News 1, the first private consultative body to discuss stable coins has been established. The body is considering establishing regulations to utilize stable coins, which have the advantages of low fees and fast payment and transfer speeds.
In order to enter the stablecoin market, which has an issuance value of over $200 billion (approximately 30 trillion yen), the company is running model businesses with local governments.
The plan is to lay the foundation for payment businesses with major overseas countries. The Korea Fintech Industry Association held a "Stablecoin Cooperation Meeting" on the 25th at the Seoul International Finance Office in Yeongdeungpo-gu, Seoul.
The council is the first private discussion organization related to stablecoins in Korea and announced its operation plan on the same day.
The council is made up of 47 financial companies from the Korea Fintech Industry Association and stablecoin issuing, distribution and technology companies.
Companies from a variety of fields, including information security, electronic finance, anti-money laundering (AML), and token securities (ST), gathered at the event.
The council will work to establish stablecoin-related systems and connect global and domestic ecosystems.
First, the government plans to communicate with the National Assembly and financial authorities to encourage them to introduce regulations on the same level as major overseas countries such as the European Union, Singapore, and Japan.
The government will promote a stable coin-based local currency project through the sandbox system. Currently, the project is in the discussion stage due to requests from some local governments that wish to reduce their budgets.
The company will also work with major overseas companies to introduce cross-border stablecoin payments. Currently, Singapore is already offering "Nekato (Naver Kakao Toss) Pay" for Korean tourists.
Through this system, stable coin payments can be made without the need for currency exchange. Ken Rhee, chairman of the Korea Fintech Industry Association, said at the event, "Since last year, discussions about stable coins have been ongoing.
"The government must also incorporate the voices of the industry to create effective policies," he said.
"We launched this council because we felt that we could properly create a common goal and find meaning in it," he emphasized.