South Korea Urges Faster Development of Won-Backed Stablecoins

South Korea’s cryptocurrency industry is urging faster development of digital payment tokens backed by the Korean won as the country responds to the growing reach of dollar-based digital payments. OVERVIEW • Dunamu, operator of South Korea’s largest cryptocurrency exchange, Upbit, is urging the country to accelerate development of won-backed stablecoins. • The company says it is prepared to provide technology and distribution support once the necessary legal and regulatory framework is established. • The debate highlights growing competition over which currencies will be used in digital payments and how money will move across increasingly connected financial networks. KEY DEVELOPMENTS 1….