Ahn Do-geol "Stablecoins' efficiency is overwhelming… will become a growth engine for the Korean economy"

Ahn Do-geol, a Democratic Party lawmaker, said on the 30th, "Stablecoins will become a new growth driver for our economy beyond financial innovation."

Ahn attended a forum on "The Use of Won Stablecoins by Corporations and Foreign Exchange Policy" held at the National Assembly Members' Office Building in Yeouido, Seoul, and said, "Stablecoins have overwhelming efficiency in terms of transaction costs, speed, and accessibility." He added, "Stablecoin innovation is already gaining momentum in the global market," and warned, "We must not miss the opportunity due to excessive concerns about stablecoins."

Ahn reiterated the importance of stablecoins. He said, "Stablecoins offer various opportunities for companies," and "they will also expand transaction volumes by providing users with a convenient payment experience." He added, "If we hesitate further, dollar stablecoins will entrench their lead in the market, and countries ahead of us will encroach on the market," noting that "promptly incorporating and establishing won stablecoins within the regulatory system is the way to protect national competitiveness and monetary sovereignty."

Regarding concerns about stablecoins, he said, "They can be adequately addressed." Ahn noted, "Some argue that won stablecoins could increase capital outflows and weaken the enforcement of foreign exchange policy," but "these issues can be sufficiently addressed through institutional measures and technical means." He went on to explain, "By building a transparent monitoring system using blockchain and establishing mechanisms such as pre-detection of suspicious transactions and the travel rule, risks can be managed sufficiently."

He also mentioned the institutionalization of won stablecoins. Ahn said, "There is broad consensus on the need to introduce stablecoins," and "the Democratic Party is currently forming a Digital Assets Task Force (TF) to promote public discussion for legislation." He added, "Fortunately, the People Power Party has also shown strong interest in stablecoin bills," and said, "(there is) also a consensus in the opposition that a rapid establishment of a won stablecoin ecosystem is necessary."