Stablecoins craze pits central bank against lawmakers in South Korea
Ruling party wants to let companies issue crypto, but Bank of Korea fears capital outflows
Ruling party wants to let companies issue crypto, but Bank of Korea fears capital outflows

Industry groups say new crypto law has a ‘loophole’ that could cost banks trillions of dollars in outflows

Policymakers say dollar-backed tokens cement US dominance but regulator warns of money-laundering risk

Central bank partly backs down after industry criticism over plan for digital tokens

Fears that they make it easier for criminals to move money around are based on a misconception

Growth of dollar-pegged crypto assets under Donald Trump risks accelerating dollarisation and enabling criminal misuse

Bipartisan backing of stablecoins will hurt America’s economy and its politics