TechFlow news, according to Decrypt, South Korean financial experts and opposition party politicians urged the country during a seminar hosted by the main opposition Democratic Party at the National Assembly last Wednesday to include Bitcoin in its national reserves and develop a won-backed stablecoin. Originally reported by The Korea Herald, the seminar analyzed potential responses to the U.S. initiative of establishing a Bitcoin-centered national reserve. The discussion took place just before President Trump signed an executive order on Thursday creating a Bitcoin and cryptocurrency strategic reserve.
Kim Jong-seung, CEO of blockchain company xCrypton, said at the event on Wednesday: "South Korea needs to respond with clear policies." In addition to advocating for a Bitcoin reserve, seminar experts emphasized the importance of creating a won-backed stablecoin. Kim warned that if dollar-denominated stablecoins dominate the digital economy, South Korea could lose its "monetary sovereignty." He stated: "We need to develop a model connecting dollar stablecoins and won stablecoins for trade transactions."
Rep. Kim Min-seok, head of the Democratic Party's policy preparation committee, said that if the party returns to power, it will reshape South Korea’s cryptocurrency regulatory framework. Min Jung, an analyst at Singapore-based Presto Research, told Decrypt: "South Korea is generally slower than most countries—we've only just approved corporate accounts for crypto, while Bitcoin and Ethereum ETFs are still not allowed. It seems like South Korea is merely trying to catch up."
