South Korea Seeks to Boost Digital Economy with Won-Backed Stablecoin

As South Korea’s presidential election approaches, candidates are putting forward ideas to stimulate the country’s digital economy. Lee Jae-myung, the Democratic Party’s candidate, has proposed a solution to address outflows of capital from South Korean markets: a stablecoin pegged to the Korean won. This new digital currency would aim to prevent money from leaving the country and reduce reliance on foreign currencies like the U.S. dollar.