Rep. Park Min-gyu: "Stablecoins, an essential strategy for the national economy… adoption cannot be delayed"

Park Min-gyu of the Democratic Party of Korea said on the 30th, "The institutionalization of won-denominated stablecoins has become an essential strategy for people's livelihoods and the national economy."

Park attended the discussion "Won-denominated Stablecoin Corporate Use and Exchange Policy" held at the National Assembly Members' Office Building in Yeouido, Seoul, and said, "Countries around the world are securing monetary sovereignty through domestic currency-based stablecoins." He added, "Global big tech companies are already planning payment and financial services using stablecoins to build new competitiveness," and said, "South Korea can no longer delay (the introduction of won-denominated stablecoins)."

Park said won-denominated stablecoins could lead to national wealth creation. He said, "One way to overcome Korea's economic crisis is to take on challenges," and stated, "(Stablecoins and other) digital assets could be an opportunity for Korea's national wealth to grow significantly." He added, "Stablecoins are not merely a type of virtual asset but are directly linked to financial infrastructure," and said, "Reducing payment costs and improving transaction efficiency, along with ensuring foreign exchange stability and securing digital currency sovereignty, are urgent."

He also emphasized the need for institutionalization. Park said, "If the (won stablecoin bill) ends up as a small-scale law like a frog in a well, we will miss a good opportunity," and said, "I hope that related discussions on (won-denominated stablecoins) will be enacted into law by the end of the year, or at the latest by next year, so that financial authorities no longer repeatedly hold back the venture ecosystem." Park said, "As a member of the Digital Asset Task Force (TF), I will do my best to establish the policy foundation for won-denominated stablecoins," and added, "I will join efforts to protect Korea's digital currency sovereignty."