Min Byung-deok "Won stablecoin should not be issued only by banks"

Min Byung-deok, a member of the Democratic Party of Korea, said the issuer of won stablecoins (Wonsco) should not be limited to banks and emphasized the need for participation from innovative companies.

On the 8th, at the forum "Won Stablecoin, Opening the Future of Financial Innovation" held at the Korea Financial Investment Association in Yeouido, Rep. Min said, "While making Wonsco stable centered on banks, we must also allow participation by innovative companies," adding, "If only banks are made issuers, it will ultimately be a feast of vested interests without innovation. Only if innovative companies participate together can it become a payment means actually used."

In fact, it is reported that the State Affairs Planning Committee is considering promoting a consortium method in which banks and non-banks jointly participate as issuers of Wonsco. On the other hand, the Bank of Korea maintains the position that issuance should be allowed only to banks and large corporations above a certain scale to avoid market shocks.

Rep. Min also emphasized that introducing Wonsco is directly linked to protecting monetary sovereignty. He said, "Dollar stablecoins already account for most of the global market share," and added, "If we give up issuing Wonsco, the won itself will find it difficult to maintain its status. We must leap to a digital G2 through rapid legislation and issuance."

He also noted Wonsco's potential spread effects. Rep. Min said, "Korean culture already has global influence," adding, "As people in Southeast Asia, the Middle East, and Africa enjoy Korean culture, if Wonsco is integrated, it could have a great ripple effect in the global market."