Democratic Party "Need for Won Stablecoin"... Discussion to be Held on the 21st

Uk Jin

Summary

The Democratic Party of Korea expressed concerns about the increasing use of dollar-based stablecoins and emphasized the need for a won stablecoin as a countermeasure.
Min Byung-deok, chairman of the Digital Asset Committee, stated that a won stablecoin could enhance economic security and announced a discussion with experts.
The discussion will involve Professor Lee Jong-seop of Seoul National University and others to discuss the utilization of won digital assets.

Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, is holding a 'FuriosaAI Neural Processing Unit (NPU) chip' at the headquarters of FuriosaAI, a semiconductor design startup, last month. Photo=Kang Eun-gu, Korea Economic Daily

The Democratic Party of Korea has expressed concerns about dollar-based stablecoins (virtual assets linked to the value of fiat currency).

Min Byung-deok, chairman of the Digital Asset Committee under the Democratic Party's election campaign committee, claimed on the 20th that "the invasion of dollar stablecoins into the Korean economy is accelerating." He added, "The use of dollar stablecoins is increasing in the market," and "as a countermeasure, we need to launch a won stablecoin and protect the won environment."

He continued, "However, some argue that it is useless," and pointed out that "there are also claims that the won stablecoin will increase financial instability, citing the 2022 Terra-Luna collapse incident as an example." This statement is interpreted as a rebuttal to the criticism of the stablecoin pledge by Lee Jae-myung, the presidential candidate of the Democratic Party, by Lee Jun-seok, the presidential candidate of the Reform New Party.

Meanwhile, the Digital Asset Committee under the candidate's election campaign committee will hold a policy discussion titled 'Won Stablecoin vs. Dollar Stablecoin: Global Monetary Policy Victory Strategy' on the 21st at the 10th conference room of the National Assembly Members' Office Building. Min Byung-deok, chairman of the Digital Asset Committee, explained the purpose by saying, "How to approach the won stablecoin issue is a key issue in the digital asset industry, as it was mentioned in the recent presidential candidate TV debate," and "we need to gather wisdom to prepare the most efficient and realistic alternative."

The event will be moderated by Kim Hyo-bong, a lawyer at the law firm Pacific. In the discussion, Professor Lee Jong-seop of Seoul National University's Business Administration Department will present on the topic of 'Winning Strategy in Currency War Using Won Digital Assets,' and many industry experts, including Dr. Yoon Min-seop from the Digital Consumer Research Institute and Professor Kang Hyung-gu from Hanyang University's Financial Engineering Department, will participate as panelists.