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Recently, Director Shin Hyun-sung of the BIS, who was also nominated as a candidate for the governor of the Bank of Korea, stated in his publication "Tokenomics and blockchain fragmentation" that due to the characteristics of blockchain fee mechanisms, stablecoins are fragmented across multiple networks. He argues for the necessity of a single ledger led by central banks to ensure the unity of currency.
However, I would like to pose a counter-question. Can we consider the Korean won in Toss, the Korean won in Hana Bank, and the Korean won in Mirae Asset as different currencies? Is it appropriate to view the existence of the Korean won across various networks as a problem to be solved?
I believe the flaw in this paper is that it views stablecoins too grandly. If we consider stablecoins as merely a transformation of the banking or fintech computing networks into blockchain, then there is little need to worry about the unity of currency.
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