July 22: Lecture by the Democratic Party's Research Group "Economy is the Democratic Party"
Min Byungdeok, the Speaker: "It Could Become a New Financial Engine"
Democratic Party Lawmakers Also Discussed the Necessity and Potential Side Effects
The Democratic Party of Korea's research group, "Economy is the Democratic Party," held discussions on the introduction of a won-based stablecoin. Within the party, there were also opinions that a special committee should be formed to address related matters.
On July 22, Democratic Party lawmaker Min Byungdeok gave a lecture on the won-based stablecoin at the National Assembly in Yeouido, as part of the Democratic Party's research group, "Economy is the Democratic Party." After the lecture, Min told reporters, "I am considering establishing a Digital Asset Committee in the form of a special committee within the party to create a response system, and I have already discussed this with the party leadership."
Representative Min, who proposed the Digital Asset Basic Act, emphasized the importance of the won-based stablecoin during the lecture. The main point is that a won-based stablecoin is necessary to protect monetary sovereignty, especially as the U.S. dollar stablecoin is dominating the market.
Min stated, "Even if we cannot fully surpass the dollar stablecoin as a means of payment, this is the last golden opportunity to secure at least a portion of the market," and added, "We need to move beyond negative perceptions of digital assets." He further stressed, "Speed is the key."
There was also mention of tokenized securities, which are important in the digital asset market alongside stablecoins. The previous day, the National Assembly's Political Affairs Committee's Bill Review Subcommittee 1 attempted to discuss the STO (Security Token Offering) bill, but the discussion did not take place. Min said, "We will address it in August." Tokenized securities refer to securities that use blockchain technology to issue rights to physical or traditional financial assets in the form of digital tokens.
Meanwhile, "Economy is the Democratic Party" has been holding weekly lectures since July 8 under the theme "What the Democratic Party Should Do to Achieve the KOSPI 5000 Era."
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