需要一項連接的穩定幣和立法提案

2019年1月，啟動了連鎖的Stablecoin“ KRWB”。硬幣是由一家名為BXB的小型初創公司發行的，旨在消除國內虛擬資產市場中效率低下的效率，例如“ Kimchi Premium”，它指的是全球交易所之間的價格差異。

In January 2019, a small startup called BxB launched a won-linked stablecoin named 'KRWb' with the goal of eliminating inefficiencies in the domestic virtual asset market. The coin was planned to be listed on foreign exchanges to resolve price disparities, as it was difficult for foreign funds to enter the domestic virtual asset market at the time.

2019年1月，一家名為BXB的小型初創公司推出了一個名為“ KRWB”的Won連接的Stablecoin，目的是消除國內虛擬資產市場中的效率低下。該硬幣計劃在外交交易所上市以解決價格差異，因為當時外國資金很難進入國內虛擬資產市場。

However, the timing was premature, and KRWb became a failed project without even fully blossoming.

但是，時機還為時過早，KRWB成為一個失敗的項目，甚至沒有完全開花。

Six years have passed since then, and the virtual asset market has grown remarkably. Dollar-linked stablecoins like Tether (USDT) and USDC have become ubiquitous in the virtual asset market and have also started to establish themselves in everyday life, including payments and trade. Foreign countries such as the European Union (EU), the United States, and Hong Kong are preparing stablecoin regulations, accelerating their integration into the institutional framework.

從那以後已經過去了六年，虛擬資產市場已經大大增長。與Tether（USDT）和USDC這樣的美元鏈接穩定股已經在虛擬資產市場中變得無處不在，並且也開始在日常生活中建立自己的建立，包括付款和貿易。歐盟（EU），美國和香港等國外正在準備Stablecoin法規，從而加快其整合到機構框架中。

But inefficiencies in the domestic virtual asset market remain. Foreign funds are still blocked from entering domestic exchanges, and regulations have been introduced to prevent domestic investors from accessing unregistered overseas exchanges, further intensifying market closure. In addition to the Kimchi Premium, a 'reverse premium' sometimes appears.

但是國內虛擬資產市場中的效率低下。外國資金仍被阻止進入國內交易所，並引入了法規，以防止國內投資者獲得未註冊的海外交易所，進一步加劇了市場的關閉。除了泡菜溢價外，有時還會出現“反向溢價”。

Particularly, the United States, as the issuer of the dollar, is using stablecoins as a 'digital weapon' to strengthen dollar hegemony. President Trump has also not hidden his intention to use stablecoins to reinforce the status of the dollar as the key currency.

特別是，作為美元發行人，美國正在使用Stablecoins作為“數字武器”來加強美元霸權。特朗普總統還沒有隱藏他打算使用穩定幣來增強美元作為關鍵貨幣的地位。

This leads to the analysis that now is the right time for the issuance of a won-linked stablecoin. Despite the persistent problems in the domestic virtual asset market, stablecoins have grown in market size and are trending towards institutionalization.

這導致分析是現在是發行與鏈接的穩定的合適時機。儘管國內虛擬資產市場存在持續存在的問題，但Stablecoins仍在市場規模增長，並且正在趨向於製度化。

There is also a call for a won-linked stablecoin to protect currency sovereignty.

還呼籲要求鏈接的穩定幣來保護貨幣主權。

The most significant factor highlighting the need for a won-linked stablecoin is the structural inefficiency of the domestic virtual asset market.

強調對鏈接的穩定劑的需求的最重要因素是國內虛擬資產市場的結構性低效率。

Last month, blockchain research firms Populous and Hashed Open Research (HoR) delivered a report titled 'The Need for a Won-Linked Stablecoin and Legislative Proposals' to the authorities.

上個月，區塊鏈研究公司的人口眾多，並進行了公開研究（HOR）發表了一份標題為“需要與鏈接的穩定股和立法提案的需求”的報告。

The report identified structural problems in the domestic virtual asset market, including the Kimchi Premium, 'listing beam' (a phenomenon where the price of a newly listed coin soars), and 'Gaduri (gated) Pumping' (a phenomenon where the price of a specific virtual asset rises when deposits and withdrawals are temporarily suspended).

該報告確定了國內虛擬資產市場中的結構性問題，包括泡菜溢價，“上市梁”（一種新列出的硬幣soars價格的現象）和“ gaduri（封閉式）泵送”（一種現象（一種特定虛擬資產的價格時，當沉積物的價格上漲時撤回和撤回時的價格上漲）。

Populous identified the closed market structure as the cause of these problems. Currently, non-resident foreigners cannot join domestic exchanges. With market participants limited to Koreans, liquidity is insufficient, and isolation from the global market leads to continued price distortion.

人口眾所周知，封閉的市場結構是這些問題的原因。目前，非居民外國人不能加入國內交流。由於市場參與者僅限於韓國人，因此流動性不足，與全球市場的隔離導致價格持續扭曲。

This has also led to the exodus of domestic virtual asset investors. Populous noted that the amount of virtual assets withdrawn from Korea to overseas is on the rise, indicating that domestic investors are moving to overseas exchanges.

這也導致了國內虛擬資產投資者的出埃及。人口眾多指出，從韓國撤回到海外的虛擬資產數量正在上升，這表明國內投資者正在轉向海外交流。

A won-linked stablecoin is seen as an alternative to these problems.

連鎖的穩定幣被視為解決這些問題的替代方法。

Populous explained, "If a won-linked stablecoin is listed on global virtual asset exchanges or on-chain (blockchain) markets, global investors will have direct access to won-based assets. This will enable two-way capital flows with the Korean market, contributing to reducing price disparities between markets."

Populous解釋說：“如果在全球虛擬資產交易所或鍊鍊（區塊鏈）市場上列出了鏈接的Stablecoin，全球投資者將直接訪問基於贏得的資產的資產。這將使韓國市場的雙向資本流量降低市場之間的價格差異。”

They further predicted, "Global investors will attempt arbitrage using the price differences between the Korean and global markets through the won-linked stablecoin. This will naturally exert pressure to reduce the Kimchi Premium."

他們進一步預測：“全球投資者將通過韓國和全球市場之間的價格差異通過鏈接的穩定股份進行套利。這自然會施加壓力，以減少泡菜溢價。”

Hwang Seok-jin, a professor at Dongguk University's Graduate School of Information Security, also pointed out, "If a won-linked stablecoin is issued and starts circulating on overseas exchanges, the Kimchi Premium will be resolved, and virtual asset prices will stabilize compared to before."

東圭大學信息安全研究生院教授黃索克·金（Hwang Seok-jin）也指出：“如果發行了鏈接的穩定穩定性，並且開始在海外交易所進行流通，那麼Kimchi Premium將得到解決，而虛擬資產價格將與以前相比穩定。”

From the perspective of currency sovereignty, there is also an analysis that a won-linked stablecoin is essential.

從貨幣主權的角度來看，也有分析表明，與鏈接的穩定者至關重要。

Currently, the stablecoins listed on major domestic virtual asset exchanges are Tether (USDT), USDC, and DAI, all of which are dollar-linked stablecoins.

目前，在主要的國內虛擬資產交易所上列出的穩定幣是Tether（USDT），USDC和DAI，所有這些都是與美元鏈接的Stablecoins。

The trading volume of these stablecoins is on the rise. According to data obtained by the office of Park Sang-hyuk, a member of the Democratic Party of Korea, from major domestic virtual asset exchanges (Upbit, Bithumb, Coinone, Korbit), the monthly trading volume of USDT on domestic exchanges was 2.26 trillion won in October last year, before the exchange rate surge began in earnest. However, in December last year, when the dollar-won exchange rate surged due to the state of emergency, the monthly trading volume of USDT on domestic exchanges reached a whopping 13.89 trillion won. This increased more than 6.4 times in just two months.

這些Stablecoins的交易量正在上升。根據Park Sang-Hyuk辦公室獲得的數據，韓國民主黨的成員是從主要的國內虛擬資產交易所（Upbit，Bithumb，Coinone，Korbit）獲得的，在去年10月，在國內交易所的每月交易量為2.26億美元，然後在Earnest上開始匯率增加。但是，在去年12月，由於緊急狀態的美元匯率飆升時，國內交易所的每月交易量達到了13.89萬億韓元。在短短兩個月內，這增加了6.4倍以上。

As the trading volume of dollar-linked stablecoins increases domestically and related companies such as payment firms adopt

隨著美元連鎖穩定股的交易量增加了國內的增加，付款公司等相關公司採用