Author: MORBID-19

Translation: Deep Tide TechFlow

In hindsight, everything is very clear!

It's me again, once more complaining about the Korean won stablecoin.

But today, I finally understand why our "controllers" are so eager to promote stablecoins.

I think I have discovered their true motives behind all of this!

First, let's take a look at the report from the Financial Times:

Ahn Do-geol, who previously served as the Second Vice Minister of the Ministry of Economy and Finance, recently formed a working group with the Ministry of Planning and Finance, the Bank of Korea, the Financial Services Commission, the Korea Capital Market Institute, and other relevant agencies to draft a bill regarding won-denominated stablecoins.

Ahn's office plans to include not only the basic qualifications and licensing requirements for stablecoin issuers in the bill but also provisions related to collateral asset requirements, monetary policy management measures, foreign exchange trading regulations, and user protection mechanisms.

Hwang Se-woon, a senior researcher at the Korea Capital Market Institute and a member of Ahn Do-geol's special working group on won stablecoins, emphasized that only entities meeting strict qualification standards should be allowed to issue stablecoins, and the qualifications of issuers should be granted through a licensing system.

TLDR: Issuing won stablecoins will likely require government approval

So, who is most likely to receive government approval? Perhaps those closely connected to the government? Or those mature enterprises that have already hinted at preparing for this?

No one really knows who the ultimate winner of this rushed policy will be, but the market seems to be betting very actively on certain names.

KakaoPay is one of the obvious candidates among the potential beneficiaries of the won stablecoin, after all, it is one of the largest payment applications in South Korea.

With KakaoPay leading the way, the Kakao Group is planning to deploy its own bank, KakaoBank, further promoting its stablecoin dreams.

It seems that South Korea's crypto players are about to "feast," and that "invisible hand" seems to be working silently.

But is this hand really invisible? Or is it actually "visible" to certain people?

Thanks to 4K cameras, that "invisible hand" has become clear

Exposing elected officials who claim not to hold securities but may be involved in insider trading.

Image: South Korean Democratic Party member Lee Chun-seok conducting stock trading on behalf of others in Congress.

South Korean Democratic Party member Lee Chun-seok was caught during a plenary session of Congress using a stock trading app on his phone to trade stocks, such as Naver stocks. The problem is that the account name in the photo is not "Lee Chun-seok," but rather his assistant Mr. Cha.

(…)

Although two similar photos were taken in the past 10 months, as of December 31 of last year, Lee's asset disclosure statement indicated that neither he nor his family held any stocks (securities). According to the Financial Transaction Real Name System Act, all financial transactions must be conducted under real names. Anyone who conducts transactions in someone else's name for illegal purposes, such as concealing assets, may face up to five years in prison or a fine of up to 50 million won.

——Excerpt from The Joongang

This classic "I don't care if there's a camera with 125x zoom behind me, let me see how these stocks are doing while I cast a vote in favor" really leaves me speechless.

While there is currently no conclusion on whether he is truly involved in insider trading, the mere fact that he is trading using his assistant's account already exudes a scent of crime.

Speaking of crime, many things are being conducted under the guise of "educational content."

Original video link: Click here

At the 17:06 mark in the video above, the narrator claims that K-Pop and Korean culture may be a good application scenario for the won stablecoin and repeats the arguments of politicians trying to push related legislation.

However, what is truly shocking about this video is not the content itself, but when you look at the comments section, you find that the audience expresses nothing but disappointment towards the channel owner:

• "What's wrong with you? Are you trying to run for office?"
• "Looks like I overestimated Hyoseok before…"
• "What's going on? Did the government threaten you to post this video? Haha… um."

However, seeing the voices of dissatisfaction in the comments section regarding this "brainwashing" attempt actually fills me with a sense of fear, as I suddenly realize that those questioning may just be an absolute minority in this country.

Most people don't even care what stablecoins are or how they work. Only those with a certain level of financial knowledge are capable of paying attention to and addressing these issues.

The current government's approval rating is as high as 65%. Of course, this has absolutely nothing to do with that free $100 consumption voucher!

As long as they keep throwing money around, perhaps they will really achieve their goals in the end.

We will all succeed.

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