The Democratic Party’s presidential nominee in South Korea, Lee Jae-myung, has revealed intentions to foster a reliable digital currency tied to the South Korean Won, known as a won-tied stablecoin. This proposed currency is aimed at reducing capital outflow and bolstering the nation’s financial autonomy.
Jae-myung underscored the point that if we adopt a secure digital currency, it could help keep more financial resources within Korea, reducing the necessity to exchange Korean won for stablecoins backed by the U.S. dollar, such as Tether (USDT) and Circle’s USD Coin (USDC).
It’s been reported that South Korean cryptocurrency exchanges experienced a withdrawal of approximately $40.8 billion (equivalent to 56.8 trillion won) during the first quarter of this year. Interestingly, around half of these withdrawals have been connected to dollar-backed stablecoins. This shift follows a prohibition by South Korean financial authorities on crypto companies from issuing stablecoins pegged to the won.
At a recent policy gathering, Jae-myung emphasized the importance of creating a domestic market for stablecoins backed by the South Korean Won, explaining that this move would help retain national assets within the country.
Dpk candidate’s thoughts on crypto assets
The candidate from the Democratic Party of Korea (DPK) has made it clear that they support cryptocurrencies, announcing intentions to legalize exchange-traded funds (ETFs) based on spot crypto markets. This decision could potentially allow Bitcoin and other digital assets to be traded on local stock exchanges.
– BTC: $96,611
– 24h volatility: 2.1%
– Market cap: $1.92 T
– Vol. 24h: $29.09 B
Within the scope of their wider cryptocurrency agenda, the individual has also vowed to establish a regulatory oversight mechanism. This system aims to offer investors a secure and transparent means to interact with digital currencies. By setting up this framework, it would allow institutions like the National Pension Fund to invest in these assets under a regulated structure.
This move signifies a substantial change from the historically conservative stance taken by South Korean regulatory bodies. Lately, they have lifted the prohibition against corporations engaging in cryptocurrency trading, which is a dramatic turnaround from 2017, during which cryptocurrency activities were mostly forbidden.
Besides Lee Jae-myung, Kim Moon-soo from the People Power Party is another presidential candidate advocating for digital assets. If elected, he plans to foster the growth of cryptocurrency usage and related activities within South Korea.
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2025-05-20 18:28