단일통화 준거형 스테이블코인 규제 방안

Stablecoin is a kind of virtual asset that has relatively stable value. A ‘single fiat-referenced’ stablecoin is issued based on deposit paid to receive the stablecoin. The problems of the introduction of a ‘single fiat-based’ stablecoin are that a significant amount of bank deposits may be replaced by stablecoin or that the use of the currency may be reduced. These problems are very similar to those of electronic money appeared in 1990. Even when discussing the introduction of electronic money in the 1990s, concerns were raised that the electronic money would replace money. Considering the current usage of electronic money or prepaid electronic payments, it seems that many of the concerns in 1990 were overestimated. The Electronic Financial Transaction Act, which restricts the usage of electronic money, played a major role in why such concerns could have been groundless. Regulatory discussions on virtual assets tend to focused on securities regulations. However, since the ‘single fiat-based’ stablecoin has a very similar structure to electronic payment instruments, it is essential to review whether the electronic money and prepaid electronic payments regulation could be applied to a ‘single fiat-referedced’ stablecoin. In this paper, I discussed whether the ‘single fiat-referenced’ stablecoin can be regarded as an electronic money, and reviewed whether Electronic Financial Transactions Act can be applied to the stablecoin. In addition, I suggested a new regulatory plan to the ‘single fiat-referenced’ stablecoin.