需要一项连接的稳定币和立法提案

2019年1月，启动了连锁的Stablecoin“ KRWB”。硬币是由一家名为BXB的小型初创公司发行的，旨在消除国内虚拟资产市场中效率低下的效率，例如“ Kimchi Premium”，它指的是全球交易所之间的价格差异。

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，一家名为BXB的小型初创公司推出了一个名为“ KRWB”的Won连接的Stablecoin，目的是消除国内虚拟资产市场中的效率低下。该硬币计划在外交交易所上市以解决价格差异，因为当时外国资金很难进入国内虚拟资产市场。

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

但是，时机还为时过早，KRWB成为一个失败的项目，甚至没有完全开花。

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.

从那以后已经过去了六年，虚拟资产市场已经大大增长。与Tether（USDT）和USDC这样的美元链接稳定股已经在虚拟资产市场中变得无处不在，并且也开始在日常生活中建立自己的建立，包括付款和贸易。欧盟（EU），美国和香港等国外正在准备Stablecoin法规，从而加快其整合到机构框架中。

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.

但是国内虚拟资产市场中的效率低下。外国资金仍被阻止进入国内交易所，并引入了法规，以防止国内投资者获得未注册的海外交易所，进一步加剧了市场的关闭。除了泡菜溢价外，有时还会出现“反向溢价”。

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.

特别是，作为美元发行人，美国正在使用Stablecoins作为“数字武器”来加强美元霸权。特朗普总统还没有隐藏他打算使用稳定币来增强美元作为关键货币的地位。

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.

这导致分析是现在是发行与链接的稳定的合适时机。尽管国内虚拟资产市场存在持续存在的问题，但Stablecoins仍在市场规模增长，并且正在趋向于制度化。

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

还呼吁要求链接的稳定币来保护货币主权。

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

强调对链接的稳定剂的需求的最重要因素是国内虚拟资产市场的结构性低效率。

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.

上个月，区块链研究公司的人口众多，并进行了公开研究（HOR）发表了一份标题为“需要与链接的稳定股和立法提案的需求”的报告。

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).

该报告确定了国内虚拟资产市场中的结构性问题，包括泡菜溢价，“上市梁”（一种新列出的硬币soars价格的现象）和“ gaduri（封闭式）泵送”（一种现象（一种特定虚拟资产的价格时，当沉积物的价格上涨时撤回和撤回时的价格上涨）。

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.

人口众所周知，封闭的市场结构是这些问题的原因。目前，非居民外国人不能加入国内交流。由于市场参与者仅限于韩国人，因此流动性不足，与全球市场的隔离导致价格持续扭曲。

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.

这也导致了国内虚拟资产投资者的出埃及。人口众多指出，从韩国撤回到海外的虚拟资产数量正在上升，这表明国内投资者正在转向海外交流。

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

连锁的稳定币被视为解决这些问题的替代方法。

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解释说：“如果在全球虚拟资产交易所或链链（区块链）市场上列出了链接的Stablecoin，全球投资者将直接访问基于赢得的资产的资产。这将使韩国市场的双向资本流量降低市场之间的价格差异。”

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."

他们进一步预测：“全球投资者将通过韩国和全球市场之间的价格差异通过链接的稳定股份进行套利。这自然会施加压力，以减少泡菜溢价。”

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."

东圭大学信息安全研究生院教授黄索克·金（Hwang Seok-jin）也指出：“如果发行了链接的稳定稳定性，并且开始在海外交易所进行流通，那么Kimchi Premium将得到解决，而虚拟资产价格将与以前相比稳定。”

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

从货币主权的角度来看，也有分析表明，与链接的稳定者至关重要。

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，在主要的国内虚拟资产交易所上列出的稳定币是Tether（USDT），USDC和DAI，所有这些都是与美元链接的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.

这些Stablecoins的交易量正在上升。根据Park Sang-Hyuk办公室获得的数据，韩国民主党的成员是从主要的国内虚拟资产交易所（Upbit，Bithumb，Coinone，Korbit）获得的，在去年10月，在国内交易所的每月交易量为2.26亿美元，然后在Earnest上开始汇率增加。但是，在去年12月，由于紧急状态的美元汇率飙升时，国内交易所的每月交易量达到了13.89万亿韩元。在短短两个月内，这增加了6.4倍以上。

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

随着美元连锁稳定股的交易量增加了国内的增加，付款公司等相关公司采用