This article examines the differing approaches of South Korea and Japan towards stablecoins and central bank digital currencies (CBDCs). Japan's Bank recognizes that private stablecoins can enhance payment efficiency and promotes a regulatory framework to encourage their coexistence with CBDCs. The Japanese government views stablecoins as beneficial for international remittances and micropayments and supports their use in various transactions. In contrast, South Korea's stance is more cautious, with concerns over the potential instability caused by private stablecoins. Despite this, discussions around proposed Digital Asset bills aim to legalize KRW-backed stablecoins. The Bank of Korea remains ambivalent about allowing private stablecoins under central bank control. Currently, major South Korean tech companies are positioning themselves to participate in stablecoin issuance, with existing regulations limiting new market entrants, which is leading to significant industry anticipation over forthcoming legislation. Moreover, the approaches taken by these nations could significantly impact the global adoption and regulation of non-USD stablecoins and blockchain technology integration into traditional finance.

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