Layer-1 Blockchain Kaia pledged to launch Stablecoin in South Korea, following the opening of Wednesday for President Lee Jay Meong, a left-wing politician, whose campaign included a series of encryption promises.
Stablecoin’s headquarters is one of the encryption objectives set during the LEE campaign that distinguishes it from other encryption candidates.
Stablecoins is facing legal obstacles, as the South Korean constitution gives exclusive power to the currency issuance to the central bank, Korea Bank.
However, Li Democratic Party tends to innovate the private sector. The legislator Min Bayung Doug, from He leads the party’s digital assets committeeHe has signal Stablecoins support for the private source and is preparing to propose the basic digital asset law, a comprehensive legislative framework for the encryption industry.
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Kaya’s interest in Stablecoins carries a weight, given her support by Kakao, technology is behind many basic digital services for South Korea, including correspondence, navigation and financing.
Stock pump beneficiaries from Stablecoin
Both traditional investors and encryption in South Korea were enthusiastic about the new administration.
According to a survey conducted by the Chamber of Commerce and Industry, Korea quote Through multiple local outlets, nearly 60 % of the respondents said they are planning to expand their holdings of Crypto under the duration of Lee.
This optimism was poured into the stock market on Monday, as the Kakao Pay and Danal payment companies closed each day by 29.9 %.
Thanks to the driving system of the digital portfolio and the fast response symbol, Kakao Pay is widely seen as a possible beneficiary of the local stablecoin. The company is the Fintech arm for Kakao, which has developed the Klaytn Blockchain company, now integrated with Fanschia supported by the Japanese Messenger line To form Kaya.
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The assembly also reflects the increasing confidence in that Stablecoin will advance quickly. Kim Young Poem, the former Deputy Finance Minister, has been appointed until recently, Blockchain Venture Capitalist was appointed as President of the President of Lee.
It is expected that the Basic Law will contain the next digital assets from the legislator, who is a rulings to give legitimacy and supervise restrictions, which indicates that legislative support is behind the plan.
Lee and Stablecoins
The main cloud of the uncertainty attached to the presidency of me was the multiple criminal trials, which began before his election. It was initially scheduled to resume the most political case – a trial in the pre -trial detention of violations of the alleged election law during his 2022 campaign – initially on June 18.
The South Korean constitution gives presidents immunity from criminal prosecution except in cases Rebellion or betrayalBut it was not clear whether this would apply to current experiments before the opening.
On Monday, the Supreme Court ruled in Seoul Article 84 of the Constitution Does it apply, postponing the experiment indefinitely. The decision actually wipes the political amphitheater to follow the encryption agenda. Four other trials are still pending, with delays or comments that are likely to rely on the interpretation of each court.
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