People Power Party "Stablecoins, an Irresistible Trend"

Jang Dong-hyeok, leader of the People Power Party, on the 30th emphasized the need to institutionalize stablecoins (virtual assets whose value can be linked to fiat currency), calling it an "irresistible trend of the times."

At a forum held at the National Assembly Members' Office Building titled 'The Challenge of Digital Financial Innovation: Issues in Introducing Won Stablecoins and a Desirable Institutional Framework,' Jang said, "Donald Trump's second administration has already adopted a stablecoin policy, and the offshore dollar stablecoin market has also grown," adding, "I conveyed the need for legalization during a meeting with President Lee Jae-myung."

He said, "The People Power Party promised in April to introduce a global standard regulatory framework, and at the August retreat it selected related bills as a top priority," emphasizing, "If a won stablecoin takes root, it can combine with strong industries such as K-content to become an economic driving force in the global market."

Im I-ja, chair of the National Assembly's Strategy and Finance Committee, said, "The Bank of Korea has taken a cautious stance and there are many concerns, but the trend is clear," adding, "We will reflect the strengths and address the weaknesses in the committee's discussions."

Kwon Young-se, who hosted the forum, said, "The government is moving faster on stablecoins than on general digital assets, and I understand the U.S. has also enacted laws," explaining, "We prepared the forum considering its impact on foreign exchange policy and fiscal policy."