Ruling Party's Min Byeong-deok: "Won-pegged Coin Safety Through Its Own Structure... Institutionalized That Way"

Ruling Party's Min Byeong-deok: "Won-pegged Coin Safety Through Its Own Structure... Institutionalized That Way"

"Political circles and financial authorities need to make a decision," emphasized at KBW

Rep. Min Byeong-deok of the Democratic Party of Korea asserted on the 30th that "to overcome the dollar tsunami, we must create a Won-pegged stablecoin that is more convenient and useful than dollar stablecoins."

Rep. Min made these remarks at 'Korea Blockchain Week (KBW)' held at a hotel in Gwangjin-gu, Seoul, stating, "Dollar stablecoins are dominating the global payment infrastructure. This is the dollar tsunami."

He emphasized, "Instead of building barriers against the tsunami, we must ride on top of it," adding, "To do so, the Digital Asset Basic Act must be enacted promptly."

Rep. Min said, "It has been a year since I proposed the Digital Asset Basic Act, but there are still two key issues: whether to give banks the lead in issuing stablecoins, and whether to restrict the equity stakes of virtual asset exchanges."

He continued, "There is no country in the world that has such issues," and commented, "The discussion structure in South Korea is frustrating."

He stated, "The safety of stablecoins does not come from banks, but from a stable self-structure," and added, "We will institutionalize it in that direction."

Rep. Min concluded, "I will definitely achieve three things: the institutionalization of Won-pegged stablecoins, the enactment of the Digital Asset Basic Act, and the participation of institutional investors in the market," adding, "Now is the time for political circles and financial authorities to make a decision."