출처: Block Media
South Korea Explores Korean Won Stablecoins to Support SMEs and Boost Global Trade
Stablecoins as a Solution for SMEs in International Trade
The potential of Korean Won-based stablecoins to address Small and Medium Enterprises' (SMEs) financial challenges and stimulate the digital asset ecosystem took center stage during a policy seminar hosted by South Korean lawmaker Min Byung-deok of the Democratic Party. Choi Won-seok, CEO of Jilgyungyi, served as the keynote speaker at the event, titled “Use Cases for Korean Won Stablecoin and Fostering the Digital Asset Ecosystem,” held at the National Assembly on October 11.
“Korean Won Stablecoin is a technology designed to solve the practical and everyday issues faced by SMEs and independent business owners,” explained Choi. His presentation underscored the significant role stablecoins could play in addressing financial hurdles in cross-border trade scenarios, particularly for trade-dependent enterprises.
Strengthening Financial Stability and Global Trade Competitiveness
Choi highlighted stablecoins’ potential to enhance financial stability while bolstering South Korea's trade competitiveness globally. Unlike speculative cryptocurrencies, stablecoins are digital currencies tied to a fiat currency, ensuring consistent value and practical usability for real-world transactions.
"Stablecoins allow businesses to mitigate exchange rate risks and streamline foreign currency transactions," Choi noted. These advantages are critical for SMEs heavily reliant on international trade that often face market volatilities.
Examining Real World Trade Hurdles
To illustrate the necessity of stablecoins, Choi delved into real-world obstacles SMEs encounter during international trade processes.
- Exchange Rate Volatility: Trade deals with Japanese companies frequently faltered due to fluctuating currency rates, highlighting the need for a stable mechanism to support transactions.
- Dollar Shortages in Laos: Limited availability of U.S. dollars in Laos forced SME operators to adopt inefficient practices, such as splitting payments into daily increments of $1,000, slowing down delivery timelines.
- Restrictive Cross-Border Payments in China: Stringent regulations delayed payments to Chinese exporters, undermining the operational efficiency of businesses.
- Complex Procedures in Malaysia: Lengthy payment processing procedures in Malaysia stretched payment timelines by weeks, adversely impacting businesses' cash flow and trade performance.
To test the feasibility of a solution, Choi’s company initiated a pilot program in collaboration with blockchain technology provider Finiverse. The program involved issuing ₩10 million ($7,400) worth of Korean Won Stablecoins for trade settlements. This experiment validated the utility of stablecoins in combating inefficiencies in international payment systems.
Building Confidence in the Korean Won Across Southeast Asia
Expanding on the broader implications of stablecoin adoption, Choi noted that Korean Won Stablecoins could significantly enhance trust in the Korean currency, particularly in the ASEAN region. This trust could, in turn, promote smoother trade operations and improve the competitiveness of SMEs relying on Southeast Asian markets.
“Secure and efficient payment systems are fundamental for strengthening corporate competitiveness,” Choi asserted. He outlined a vision where stablecoins might even become a new regional financial standard, offering a streamlined and transparent solution for cross-border settlements.
Legal Frameworks as the Next Step
Choi reiterated the importance of regulatory clarity to realize the full potential of stablecoins. “If supportive legal frameworks are implemented, I plan to undertake usability testing of Korean Won Stablecoins in Southeast Asian markets,” he stated. For SMEs grappling with currency unpredictability and foreign exchange complexities, stablecoins could emerge as a transformative tool.
In conclusion, the seminar spotlighted how Korean Won-based stablecoins can provide tangible benefits, from offsetting currency challenges to streamlining payment systems, thereby fostering a more robust digital asset ecosystem in South Korea and beyond.
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