Democratic Party Criticizes Lee Jun-seok's Remarks on Stablecoins

The Democratic Party of Korea has been continuously criticizing Lee Jun-seok, the Reform New Party presidential candidate, for his remarks on stablecoins.

Min Byung-deok, a member of the Democratic Party, attended the 'Democratic Party Digital Asset Committee Stablecoin Forum' held at the National Assembly Members' Office Building in Seoul on the 21st, stating, "As the (financial) paradigm is changing, if we focus our capabilities, the Korean won stablecoin can also be competitive," and added, "Some politicians' remarks reveal a lack of understanding of this trend." This was aimed at Lee's recent remarks on stablecoins during the first presidential candidate TV debate. At that time, Lee criticized the Democratic Party's presidential candidate Lee Jae-myung's stablecoin policy, saying, "Issuing (Korean won stablecoins) without a concrete strategy will only stir the market."

The Democratic Party's Digital Asset Committee also issued a statement on the 20th, rebutting Lee Jun-seok's remarks on stablecoins. The committee stated, "Although Lee Jun-seok drew attention from the digital asset industry with his stablecoin-related questions during the TV debate, he simultaneously revealed ignorance, causing concern," and added, "We hope Lee Jun-seok will calmly learn about the development of digital assets."

The Democratic Party believes that policy support can secure the competitiveness of the Korean won stablecoin. Min stated, "By utilizing platforms where we have strengths, such as K-culture, we can grow the Korean won-based stablecoin ecosystem, especially in emerging markets like Southeast Asia," and added, "If we do this, we can secure our role in the dollar-centered (stablecoin) market." He continued, "(Lee Jun-seok) also misunderstands the feasibility of collateralized stablecoins domestically," and added, "Saying that Korea, as a latecomer, should give up because global companies are already leading is the same logic as opposing high-speed internet investment during the Kim Dae-jung administration."

The U.S., which is speeding up the institutionalization of stablecoins, was also mentioned. Min stated, "The U.S. Senate concluded the discussion on the Genius Act (Stablecoin Act) on the 20th," and added, "In Korea, it would be equivalent to ending a filibuster, meaning the bill has effectively passed." Min stated, "The U.S. is moving ahead, but (other presidential candidates) are criticizing without knowing the opposing policies, talking about 'anti-crypto,' which is the current level," and added, "Whether Korea remains a passive acceptor of the global order or leaps forward as an active designer will depend on how we respond."