Kaia’s Bold Move: Will South Korea’s Stablecoin Soar or Sink? 🚀💸

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In a world where the blockchain whispers secrets, layer-1 marvel Kaia has vowed to unveil a stablecoin tethered to the South Korean won. This promise follows the grand inauguration of President Lee Jae-myung, a left-leaning visionary whose campaign was a veritable treasure trove of crypto-friendly pledges. Ah, the sweet scent of ambition! 🌟

Launching a won-based stablecoin is not just a goal; it’s a beacon of hope in Lee’s campaign, setting him apart from the other crypto-friendly contenders who, let’s be honest, were more like shadows in the light of his brilliance.

But wait! The issuance of stablecoins is not without its legal labyrinths. South Korea’s constitution, that ancient tome, grants the Bank of Korea the exclusive right to mint currency. Talk about a party pooper! 🎉🚫

Yet, the winds of change are blowing! Lee’s Democratic Party is leaning toward the innovation of the private sector. Lawmaker Min Byoung-dug, the captain of the party’s Digital Asset Committee, has thrown his weight behind private-issued stablecoins. He’s even preparing to propose the Digital Asset Basic Act, a legislative framework that could make crypto dreams come true. Or at least, less of a nightmare! 😅

Kaia’s interest in stablecoins is no small matter, especially with the backing of Kakao, the tech titan that powers many of South Korea’s digital lifelines—messaging, navigation, and finance. It’s like having a superhero on your side! 🦸‍♂️

Stablecoin beneficiaries’ stocks pump

Both traditional and crypto investors in South Korea are dancing with glee at the new administration. According to a survey by the Korea Chamber of Commerce and Industry, nearly 60% of respondents are ready to expand their crypto holdings under Lee’s reign. It’s a crypto party, and everyone’s invited! 🎊

This optimism spilled over into the stock market on Monday, with payment firms Kakao Pay and rival Danal both soaring by 29.9%. Talk about a bull run! 🐂💨

Thanks to its digital wallet infrastructure and QR code payment system, Kakao Pay is seen as a prime candidate for benefiting from a domestic stablecoin. The firm is the fintech arm of Kakao, whose Web3 subsidiary birthed the Klaytn blockchain, now merged with Japanese messenger LINE-backed Finschia to form Kaia. It’s like a tech soap opera! 📺

The rally also reflects a growing confidence that stablecoin regulation will advance at lightning speed. Kim Yong-beom, a former vice finance minister and the recently appointed chief policy officer for President Lee, is ready to steer the ship. Anchors aweigh! ⚓️

Lawmaker Min’s upcoming Digital Asset Basic Act is expected to include provisions for legalizing and overseeing won-pegged stablecoins. Legislative support is coalescing like clouds before a storm—let’s hope it rains crypto! ☔️

Lee’s presidency and stablecoins cleared for takeoff

However, a cloud of uncertainty looms over Lee’s presidency, with multiple ongoing criminal trials that began before his election. The most politically sensitive case—a remand trial for alleged election law violations during his 2022 campaign—was initially set to resume on June 18. Drama alert! 🎭

South Korea’s Constitution grants presidents immunity from criminal prosecution, except in cases of insurrection or treason. But will this apply to trials already in progress? The suspense is palpable! 😱

On Monday, the Seoul High Court ruled that Article 84 of the Constitution does apply, indefinitely postponing the trial. This decision clears the political runway for Lee’s administration to pursue its crypto agenda. Four other trials remain pending, with delays or suspensions now likely to depend on each court’s interpretation. Buckle up, folks! 🚀

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2025-06-09 15:04