The Korea Blockchain Business Cooperative will hold a “K-Stablecoin Strategy Seminar for Digital Finance Innovation of Small and Medium Businesses” at KBIZ Hall of the Korea Federation of Small and Medium Businesses in Yeouido, Seoul, on the 18th. In response to the government’s push for institutionalization of digital assets and the spread of global stablecoins, a forum will be set up to seek policy directions for improving SME access to finance and innovating the digital-based payment and settlement environment. The seminar is co-hosted by the Korea Federation of Small and Medium Business and Maekyung Media and organized by the Korea Blockchain Business Cooperative, and experts from academia, financial sector and policy authorities will come forward to discuss the impact of K-stablecoin on SMEs and policy and institutional tasks to be considered when introducing it in Korea. Lee Jong-seop, a professor of business at Seoul National University, will present the first presentation under the theme of “Stablecoin and Global Usage Trends.” Professor Lee will present use cases and strategic support measures to solve the problems facing domestic SMEs globally.
In particular, it focuses on the fact that if stablecoins are introduced as a payment method when liquidating accounts held by small and medium-sized companies, companies can lend funds without excessive discounts. In addition, it will analyze the practical benefits of converting the existing export and import payment structure, which requires two exchange costs through dollars to exchange foreign currencies such as Southeast Asia, to the stablecoin ecosystem, which can drastically reduce the exchange costs of small and medium-sized enterprises caused by multiple swap transactions. Yoon Sung-kwan, head of the Bank of Korea’s digital currency office, will then hold a second presentation under the theme of “How to Build a Future Digital Currency and Currency Ecosystem.” Director Yoon will present a plan to build a comprehensive digital currency ecosystem that encompasses stablecoins, deposit tokens, and the Bank of Korea’s digital currency (CBDC). In particular, it presents a blueprint for a digital ecosystem in which stablecoins and deposit tokens are not segmented but integrated as a result, and focuses on the meaning and utility of bank-led deposit tokens in contrast to private-led stablecoins. In addition, it is expected to reflect the impact and practical direction of the future currency ecosystem on the SME environment.
After the presentation, Dr. Lee Hyo-seop of the Capital Market Research Institute will lead the comprehensive discussion and Q&A. The panel will include Cho Sung-woo, managing director of LG CNS, Byun Mi-kyung, vice president of Gwangju Bank, Cho Tae-heum, head of Waybridge Europe, Chung Jin-kook, secretary-general of the FinTech Industry Association, and Kang Yeon-ho, a lawyer at law firm, Sejong, to discuss ways to build new financial infrastructure for small and medium-sized companies from various perspectives such as IT, banking, fintech and law. Oh Jong-wook, chairman of the Korea Blockchain Business Cooperative Association (CEO of Waybridge), who will give a keynote speech at the seminar, called for preemptive preparation and change of perception in the small and medium-sized business community. Chairman Oh said, “Even if stablecoins come out in earnest, they will be connected based on token securities or CBDCs in Korea,” and predicted, “There will be advantages in financing and settlement, such as small and medium-sized companies pooling their sales bonds to facilitate liquidity in the future.” “In the end, in order for won or dollar stablecoins to be introduced into payments, small and medium-sized companies must also build digital wallets in advance and change their perception,” he said. “We will actively promote the justification and necessity through this seminar.”
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