Democratic Party Leadership Candidates Unanimously Voice Support for the Introduction of a KRW Stablecoin

Candidates for the leadership of The Democratic Party of Korea have all expressed their support for the introduction of a KRW stablecoin.

Candidate Chan-dae Park stated at the Democratic Party of Korea leadership debate held on the 29th, "I believe it is necessary to introduce a KRW stablecoin," but emphasized that "it is important to approach this prudently to minimize side effects such as capital outflow, deposit flight, and the undermining of monetary singularity."

He also said, "President Jae-myung Lee proposed this as a campaign pledge, and since lawmakers Byung-duk Min and Do-geol Ahn have introduced bills, institutionalization discussions have begun. However, since the market environments in the United States and South Korea differ, a differentiated design is required." He continued, "Governor Chang-yong Lee of the Bank of Korea has expressed concerns about this, and since the instability of stablecoins can directly spill over into the financial markets, establishing a legal and institutional foundation comes first."

Candidate Cheong-rae Jeong stated, "Just because there are concerns about internet crimes doesn’t mean we should stop using the internet," and added, "Now that the United States is moving toward institutionalizing stablecoins through the 'Genius Act,' it is necessary for us to make preparations so that we do not end up as a peripheral country."

Candidate Jeong also mentioned, "I understand that President Jae-myung Lee is also of the opinion that introducing a KRW stablecoin is inevitable," and explained, "On the contrary, it is necessary to respond proactively to prevent national wealth outflow and avoid being left behind in global digital financial competition." He continued, "If the government proceeds with this, the party will actively support it as well."