So, South Korea’s very own Democratic Party leader, Lee Jae-myung, has decided to play the hero and propose a stablecoin tied to the Korean won. Because, you know, who doesn’t want to prevent capital outflows and flex some national financial sovereignty? 💪💰
During a recent policy chat (because that’s what politicians do, right?), Lee passionately argued that a won-based stablecoin would keep the wealth in South Korea. It’s like saying, “Let’s keep our toys at home instead of sharing them with the foreign kids!” 🎠
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Lee’s campaign is also calling for the National Pension Fund and other institutional players to jump on the crypto bandwagon once the price stability criteria are met. Because who doesn’t want their retirement funds in a volatile market? 🤑
To make this happen, he’s proposed an integrated monitoring system and lower transaction fees. It’s like saying, “Hey, let’s make crypto accessible, but under the watchful eye of the government!” 👀
However, not everyone is on board with the stablecoin idea. Economists are raising their eyebrows, with Shin Bo-sung from the Korea Capital Market Institute warning that stablecoins could inflate the money supply and hand over monetary control to private issuers. Yikes! 😬
“We must not overlook the economic principles behind them. Stablecoins are essentially another form of banking, creating money out of nothing,” Shin said. Sounds like magic, but not the good kind! 🎩✨
Democratic Party sets up “Digital Asset Committee”
On May 13, the Democratic Party launched a Digital Asset Committee. Their mission? To develop cryptocurrency policies and promote industry growth. Because who doesn’t love a good committee meeting? 🥳
The committee had its first meeting at the National Assembly Members’ Hall in Seoul, where they emphasized the need to resolve regulatory uncertainty and tackle issues like stablecoin regulation. Sounds thrilling, right? 😴
This new committee joins the ranks of other organizations in South Korea, including the Virtual Asset Committee launched in late 2024 and another public-private crypto task force introduced in 2022. It’s like a crypto committee club! 🎉
And guess what? The Democratic Party is also gearing up to introduce the Digital Asset Basic Act. This bill would create a legal framework for cryptocurrencies and stablecoins, requiring issuers to hold at least 50 billion won in reserves and get the thumbs up from the FSC. Because nothing says “trust us” like a hefty reserve! 💼
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2025-05-20 12:49