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Crypto

Stablecoins account for 3 percent of international payments; WTO says regulation, not technology, is the problem

Stablecoins have the potential to reduce the cost and time of cross-border payments, but differing national regulatory systems are blocking wider adoption, the World Trade Organization said. Juan Marchetti, director of the WTO’s Trade in Services and Investment Division, said constraints are regulatory rather than technological and that stablecoins still account for about 3 percent of international payments. The WTO said cross-border stablecoin payments grew 35-fold from 2020 to mid-2024.

People

Korea Banks Federation appoints former BC Card vice president Woo as executive director

The Korea Banks Federation has appointed Woo Sang-hyun (우상현), a former BC Card vice president, as its new executive director. The federation said on Sept. 1 the appointment was made after obtaining approval from an employee general meeting. Woo, born in 1965, graduated from Seoul National University with a degree in economics and earned a master’s degree in environmental management from Yale University. He has held senior government and finance posts and later worked in the private financial sector.

Industry

ETRI SDV technology becomes ITU-T\'s first international standard

Electronics and Telecommunications Research Institute (ETRI) software-defined vehicle (SDV) technology has been adopted as the first SDV international standard by the ITU-T, the South Korean science ministry and ETRI said. They said an SDV service recommendation and a technical report were formally adopted at an ITU-T Study Group 21 meeting in Geneva last month. The standard defines requirements for applications, service management and cloud-linked connectivity functions.