South Korea's Path to Digital Currency Dominance

Kim Yong-beom, CEO of Hashed Open Research (HOR) and a former vice minister of economy and finance, advocates for South Korea to strategically develop stablecoins, inspired by the U.S. model. He describes stablecoins as "the digital era's petrodollars," emphasizing their potential to redefine global financial systems.

The U.S. Blueprint for Stablecoin Success

In a groundbreaking report, "The Necessity of a Won Stablecoin and Legislative Proposals," Kim highlights how the U.S. is embedding the dollar into smart contracts to cement its dominance in the digital economy. This strategy mirrors the establishment of the petrodollar system in the 1970s, ensuring the dollar's supremacy.

South Korea's Opportunity to Innovate

Kim suggests that South Korea should adopt an open structure for stablecoin development, similar to the U.S., to foster innovation and competitiveness. Unlike Europe and Japan, which impose restrictive regulations, an open approach could position South Korea as a leader in the digital currency space.