출처: Block Media
Bank of Korea Advocates Bank-Led Stablecoin Issuance to Balance Innovation and Trust
The Bank of Korea (BOK) has emphasized that the defining principle of stablecoins lies in "trust, not technology," proposing a dual-structured framework where banks manage issuance, and non-banking entities, such as fintech and big tech firms, oversee distribution. This approach reflects the central bank’s commitment to harnessing the potential of stablecoins while maintaining financial stability. The announcement was made during a seminar held on September 27 at the BOK's Seoul headquarters, focusing on the theme: "Key Issues and Responses for KRW Stablecoins."
The Essence of Stablecoins: Trust Over Technology
Park Joon-hong, a team lead from the Payment Policy Team under the Financial Settlement Bureau, set the tone by underscoring the critical foundation of money itself. “Money operates on the foundation of trust, not merely on technological advancements,” Park remarked. He elaborated that stablecoins have far-reaching implications, impacting value stability, monetary and financial stability, capital regulation, and even the broader macroeconomic environment.
This perspective reiterates the BOK’s view that while stablecoins carry significant potential for financial modernization, their value proposition hinges on their ability to engender and sustain trust among both users and regulatory systems.
Unlocking the Potential While Managing the Risks of Stablecoins
Stablecoins are distinguished by their ability to transact seamlessly on blockchain networks 24/7, facilitating innovative payment capabilities, such as programmable conditions, that traditional cash or credit systems cannot match. Additionally, Park noted that they could mitigate settlement lags and provide financial inclusion for vulnerable populations.
However, Park issued strong caution, warning that the rise of stablecoins could transfer key elements of monetary sovereignty to private entities. Without proper institutional oversight, these advancements could inadvertently destabilize the broader financial system. "Institutionalization must ensure trust and stability," Park highlighted.
The BOK also identified seven primary risks posed by the rapid adoption of stablecoins:
- Potential disruption to monetary unification.
- Systemic financial instability due to potential "coin runs."
- Inadequate protection for consumers engaging with stablecoins.
- Conflicts with principles separating banking and commerce.
- Risks of bypassing existing capital and foreign exchange regulations.
- Weakening the effectiveness of traditional monetary policies.
- Undermining banks' critical role in financial intermediation.
Park explained that because stablecoins operate outside central bank reserve systems, their transactional stability is harder to guarantee, putting the financial ecosystem at risk.
Challenges Linked to Non-Bank Stablecoin Issuance
Expanding on volatility risks, Park cited examples of U.S. dollar-backed stablecoins like Tether (USDT) and USD Coin (USDC), both of which have faced instances where their peg (1 token = 1 USD) was tenuous. He noted that stablecoins issued solely by non-bank entities are particularly vulnerable, as their limited backing exacerbates price fluctuations.
One of the most alarming risks, Park stated, is that stablecoins are not insured through traditional deposit mechanisms and instead depend on private agreements between issuers and holders, laying the groundwork for adverse scenarios such as "coin runs." Such an event, Park warned, could exceed traditional bank runs in both scale and velocity, thereby threatening the integrity of the monetary system as a whole.
Institutionalizing Stablecoins: Recommendations From the Bank of Korea
Addressing these challenges, the BOK proposed a robust regulatory approach to ensure the careful institutionalization of stablecoins. The recommendations included establishing an inter-agency consultative body to handle fundamental policy issues such as:
- Issuance licenses and criteria.
- Regulations on issuance volumes.
- Standards for reserve assets.
Park highlighted the U.S. as a model, where the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation (FDIC) collaborate to evaluate the macroeconomic impacts of stablecoin issuance. For Korea to foster safe innovation in its financial ecosystem, it must mirror this collaborative structure, said Park.
The BOK envisions a "bank-led gradual adoption" strategy for stablecoins. Under this proposal, banks – trusted intermediaries already steeped in regulatory frameworks – would take charge of issuance. Meanwhile, non-banking firms would collaborate in distribution, leveraging their technological expertise to drive adoption.
Yoon Tae-gil, head of the Payment Policy Division, emphasized the rationale behind this dual model. "A bank-led approach ensures greater risk mitigation and a stable rollout. Private, non-bank issuance models expose the system to greater liquidity shortfalls and price volatility," Yoon said.
Building a Collaborative Framework for Stable Growth
In his closing remarks, Park advocated for an inclusive ecosystem where stablecoins coexist with innovative solutions like deposit tokens. “Through bank consortia, stablecoins can evolve by integrating the technological strengths of non-banking sectors, laying the foundation for stable and inclusive financial innovation,” he said.
This balanced, collaborative approach reflects the BOK's commitment to fostering innovation while maintaining financial integrity. By prioritizing trust and institutional robustness, the BOK’s proposed policy strikes a careful compromise between stability and the promise of ongoing technological advancement in the era of digital finance.
