Min Byung-deok: "Korean Won Stablecoin, a Core Issue for Future Financial Hegemony"

Representative Min Byung-deok of the Democratic Party of Korea stated on the 18th, "It is urgent to establish a strategy for the Korean won stablecoin through institutionalization."

At the seminar titled 'Korean Won Stablecoin: Opening of the Digital Won Era' held at the National Assembly Members' Office Building in Seoul that day, Min emphasized, "Institutionalization and the establishment of a policy foundation for the Korean won stablecoin has become a core issue that will influence the future financial hegemony of the Republic of Korea."

He stressed the need for strategies to respond to the dollar-based stablecoin. Min said, "The U.S. dollar's hegemony is now expanding into the digital domain, leading to the shrinking of economic territories for non-key currency nations," adding, "There is a grave warning that the stability of Korea's won market could also be shaken." He continued, "Financially advanced countries are urgently preparing stablecoin policies to defend their own currency's policy in response to the dominance of dollar-based stablecoins," and added, "(Korea) should also establish digital currency sovereignty, seek financial innovation, and devise ways for the digital won to expand its role as a global core currency."

Min also touched on the potential of the Korean won stablecoin. He noted, "The fusion of the Korean won stablecoin with Korea's world-class platform competitiveness will truly mark the opening of the 'digital won era,'" and stated, "Korea's strengths, such as K-Content, can combine with digital assets to create new economic value and extend the influence of the won in global markets." Min added, "The opening of the digital won era will inject new vitality into our economy and become a great opportunity to make the lives of our people richer."