“Without a KRW Stablecoin, We Risk Becoming a Colony... We Must Secure Both Speed and Safety”

Lawmaker Min Byungdeok and Experts Convene at National Assembly Seminar
Urgent Need for a KRW Stablecoin Stressed
Potential to Rise into the Global Top Three

As the global stablecoin market is rapidly expanding, voices are calling for South Korea to move quickly to introduce a “KRW stablecoin” in order to safeguard the country’s digital financial sovereignty.

Min Byungdeok, a lawmaker of the Democratic Party of Korea, is speaking at the 'Seminar on Korean Won Stablecoins and Building Financial Infrastructure' held in Meeting Room 1 of the National Assembly Members' Office Building on the afternoon of the 20th. Photo by Lim Chunhan

On the afternoon of the 20th, Democratic Party of Korea lawmaker Min Byungdeok stated at the “Seminar on Won Stablecoins and Building Financial Infrastructure,” held in Meeting Room 1 of the National Assembly Members’ Office Building, “The more we delay, the thicker the walls of the world will become,” adding, “If we do not equip ourselves with the weapon of a KRW stablecoin, we could become a colony subordinated to the dollar.”

Assemblyman Min said, “Countries such as those in Southeast Asia and Mongolia, which are friendly to us, are favorable toward non-hegemonic stablecoins. Let us export safe and convenient stablecoins,” and added, “Because the digital world has no borders, the scope of our payment sovereignty can become much broader.”

Min went on to say, “Because I stress the importance of speed, some people seem to think I am someone who ignores safety,” emphasizing, “That is not the case. Safety is the core of finance, and only when it is safe can this spread further.”

On the afternoon of the 20th, participants are discussing at the 'Seminar on Building a Won Stablecoin and Financial Infrastructure.' Photo by Im Chunhan

Participants agreed that a KRW stablecoin would be more than a simple means of payment; it would be a key weapon to counter dollarization and to elevate Korea into a global digital finance leader.

Kim Donggu, Division Head at NICE Information Service, stressed the importance of a technical design that protects privacy while allowing re-identification when necessary. Kim noted, “In 2025, 84% of illegal digital asset transactions are linked to stablecoins,” and stated, “To prevent money laundering that exploits anonymity, a sophisticated electronic Know Your Customer (eKYC) system that covers personal wallets outside exchanges is essential.”

Attorney Cha Sangjin of Law Office B.Com pointed out, “The current Know Your Customer (KYC) regime is closer to a tool for state control of funds than for consumer protection.” As principles for designing the eKYC system, he explained that it should block entry into fraud zones rather than merely tracing after fraud has occurred, and that it must comprehensively cover the entire process from “wallet creation → remittance → payment → cash-out.” He also said that minimal collection of personal information, purpose limitation, encryption, and access control are required, and that in an environment with multiple issuers, multiple wallets, and multiple service providers, there must be interoperability that safely reuses an identity once it has been verified.

Oh Taewan, CEO of Arcpoint, presented concrete figures to illustrate the impact of a KRW stablecoin. Oh said, “If Korea were to issue existing local currencies or disaster relief funds in the form of stablecoins alone, the country could immediately rise to third place in the global stablecoin market,” and predicted, “This will solidify Korea’s status as a digital finance leader.” He then referred to a future society in which AI agents make payments autonomously, urging bold innovation by saying, “Designing today’s regulations based on the past is a very misguided idea.”

This content was produced with the assistance of AI translation services.