South Korea’s Jeonbuk Bank taps Ripple for cross-border payments
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The Bank of Korea has released a regulatory proposal suggesting that personal stablecoin transactions exceeding $10,000 should be limited to transfers from verified wallets.
According to Mars Finance, the legal team of the Bank of Korea has published a research paper titled "Regulatory Scheme for Foreign Remittance Transactions Targeting Stablecoins," proposing regulatory recommendations for large-scale stablecoin transactions. The paper, referencing current South Korean foreign exchange control regulations, proposes constraints on stablecoin transfers exceeding $10,000 between individuals, requiring such transactions to be conducted only between officially certified wallets, along with a pre-reporting mechanism. The institution acknowledges that there are technical obstacles to fully controlling unregistered wallets, but due to anti-money laundering compliance requirements, it is necessary to strengthen restrictions on large-scale cross-border stablecoin fund flows. South Korean regulators have previously repeatedly stated the need to improve the monitoring system for cross-border crypto asset transactions using non-custodial wallets; this paper further refines and implements the regulatory approach.
Russian Central Bank Governor: Considering the use of stablecoins in cross-border settlements
According to Odaily Odaily, the Governor of the Central Bank of Russia stated at the Financial Congress that the Central Bank is considering using stablecoins in cross-border settlements, but only as a supplement to the digital ruble. The Central Bank of Russia has concerns about using stablecoins in internal settlements. The Central Bank of Russia is currently discussing the launch of a ruble-pegged, state-controlled stablecoin and analyzing the appropriateness of combining such instruments with central bank digital currencies in cross-border transactions. Furthermore, the Central Bank of Russia proposed stablecoin regulatory rules last week, the core idea of which is to ensure all transactions are conducted under state control.
Central Bank of the Philippines: Wholesale CBDCs can be used for securities settlement and cross-border payments.
PANews reported on July 2nd that the Central Bank of the Philippines (BSP), in its recent "Project Agila" report, pointed out that potential applications for wholesale central bank digital currencies (wCBDCs) include financial securities settlement and large-scale cross-border payments. wCBDCs involve commercial banks and financial institutions opening accounts at the central bank, using distributed ledger technology for real-time peer-to-peer settlement. This is expected to achieve higher automation, faster processing speeds, and lower transaction costs while maintaining a similar architecture to existing RTGS systems. The BSP noted that using wCBDCs for securities transaction settlement can help shorten the time lag between transaction and final settlement, reduce settlement risk, and will use the experience gained from this project to develop a roadmap for future CBDCs.
Busan Bank of South Korea completes pilot program for Korean won stablecoin on Kaia Chain.
According to Foresight News , BNK Busan Bank has completed a pilot project on Kaia Chain for a stablecoin infrastructure based on the Korean won, intended for use in digital local currency scenarios. This proof-of-concept (PoC) involved K-STAR Alliance partners AhnLab Blockchain Company, Lambda256, and Open Asset. Test results showed a 100% transaction success rate and a processing time of less than one second.
South Korean beauty and retail stocks led the market gains, and Gate.com continues to expand its investment portfolio in South Korean stocks.
According to ChainCatcher, Gate's market data shows that the South Korean stock market was active today. Manyo Factory, a cosmetics stock, reached $11.60, up 18.43%; Heung Koo Petroleum reached $6.88, up 14.72%; and IT'S HANBUL reached $7.25, up 13.51%, with several popular South Korean stocks leading the market gains. Gate has established a 24/7 trading service system covering the three core markets of US, Hong Kong, and South Korea, supporting over 10,000 US stocks and ETFs, over 1,500 Hong Kong stocks, and over 1,000 South Korean stocks, totaling over 12,500 stocks and ETFs globally. Users can participate in global stock investment through their Gate unified account using USDT, supporting fractional share transactions starting from as low as 0.01 shares, and enjoying stock dividend rights. The platform also supports cross-brokerage transfers for US and Hong Kong stocks, as well as corporate actions such as stock splits and consolidations, further optimizing the stock investment service experience.
Analysis: South Korean stocks have plummeted more than 20% from their peak and are poised to enter a technical bear market.
PANews reported on July 8th that, according to Jinshi, the South Korean stock market continued its decline, with the KOSPI index falling by more than 6% intraday, accumulating a drop of over 20% since its June peak, poised to enter a technical bear market. Samsung Electronics and SK Hynix fell by approximately 7% and 5% respectively, as investors reassess the prospects for AI demand. South Korea has been the world's best-performing stock market this year, but its over-reliance on two chipmakers makes it particularly vulnerable to shifts in industry sentiment. Leveraged ETFs amplified two-way volatility, further exacerbating market fluctuations. Despite Samsung Electronics' quarterly profit surging 19-fold this week, chip stocks continued their decline, highlighting that traders are demanding more evidence to justify the exorbitant investments across the entire supply chain. Fidelity International portfolio manager Ian Samson stated, "The current increased volatility stems largely from fundamental uncertainty."