The Democratic Party of the president of South Korea, Lee Jae-Myung, presented a bill to the Parliament that would allow qualified companies to broadcast Stablecoins, Bloomberg reported on Tuesday.
The basic act of digital assets aims to improve transparency and promote competition in cryptocurrency, said Bloomberg. Companies could issue their own stablecoins provided they have at least 500 million profits ($ 368,000) in capital capital and can guarantee reimbursements through reservations and receive approval from the Financial Services Commission.
Lee, voted as president last week, made a series of promises to the crypto of the South Korean industry during his electoral campaign, appealing to the 15 million cryptographic investors of the nation. Among them, he said that the country should support a WON headquarters -headed market “to prevent national wealth from filtering abroad,” said Korea Herald.
The stablecoins are tokens linked to the value of a traditional financial asset, such as a fiduciary currency, being the American dollar comfortably the most frequent. Its stability provides a counterweight to the volatility of cryptocurrencies such as bitcoin
And Ether, which allows users to keep capital in digital assets without having to worry about wild changes in the price.
The sector, dominated by the USDT of Tether, has experienced an increase in interest this year thanks, among other factors, progress towards the regulation of the sector in the United States.
The strength of the Stablecoin sector has been highlighted in the last week for the strong performance of the USDC Circle (CRCL) shares after its initial public offer (IPO). The actions quadrupled during the first three days of negotiation. In addition, market capitalization of the sector reached $ 250 billion for the first time.
