S. Korea urged the Bitcoin Reserve, Stablecooin, supported by the arrival of Crypto Trump

Malian experts said at a forum on Thursday that South Korea should consider integrating bitcoin into its national reserves and the winning of the winning.

At the symposium, hosted by the opposition Democratic Party at the National Assembly, the CEO of Blockchain Xcrypton, Kim Jong Seong, stressed the need for a strategic response if the United States is moving to create the “national strategic reserves of the encrypted house”.

“If the United States moves towards Bitcoin as part of its reserves, South Korea will need a clear policy,” Kim said.

A discussion comes on Thursday amid an increasing global momentum towards the adoption of the cryptocurrency, driven by the United States. Countries like Switzerland and Japan have already taken important steps in this direction. “Crypto Valley” in Switzerland in Zug is a global center for the Blockchain startups and encryption financing, while Japan has clarified the supported Stablecooins in 2023.

Representative Kim Min Siuk, who leads the Policy Preparation Committee for the Democratic Party for the possible sudden presidential elections, noted that his party will reshape the emerging encryption policy in the country if it reaches power. South Korea can hold elections in May, if the Constitutional Court confirmed that President Yun Suk Yol.

Stressing that the Blockchain financing and virtual assets will play an increasingly important role in the economic strategy, MP Kim said: “It is necessary to discuss virtual assets and Blockchain’s financing.”

Foreign currency reserves consist in South Korea, and are used to achieve stability in national currencies and economic shock management, which are currently consisting of traditional assets such as US dollars, gold and government ties.

Experts said in a forum on Thursday that the country should look beyond the storage of Bitcoin and explore the possibility of the winning Stablecoin from winning.

Kim, CEO of Xcrypton and former WEB3 Business Development Director at SK Telecom, warned of the risk of failure to develop supported Stablecoin. He said that if Stablecoins in the US dollar dominates the digital economy without a similar South Korean alternative, the country may lose “monetary sovereignty”, which limits its control over local and international financial transactions.

Stablecoins, unlike Bitcoin, is designed to maintain a fixed value by adhering to traditional currencies or assets such as government bonds, providing a stable way for financial transactions. Without the presence of the local Stablecoin, Kim said, South Korea has risked excessive dependence on the US dollar -backed digital currencies, which may weaken its financial influence in global markets.

He said: “We need to develop a model that connects the Stablecoins and won Stablecoins with commercial transactions.”

Sangmyung University Professor SEO EUN-SOOK stressed the insulting of South Korea’s financial policies with global trends, noting that “major economies such as the United States and the European Union are already working on Stablecoin’s international payment systems.”

Professor of Business Administration Kang Hyoung-Goo from Hanyang University suggested a set of South Korean government bonds, on the pretext that such an initiative can enhance financial stability and credibility.

According to Kang, one of the main obstacles that prevents South Korea from joining the MSCI MORKETS MARKETS index – a classification that attracts more foreign investment – is the absence of a market that won the beach war. The government -backed Stablecooin can help address this issue by making internationally accessible assets to be accessible internationally.

“Stablecoin supported by government bonds can also help distributing long -term government bonds in South Korea all over the world,” Kang said.

Besides the development of Stablecoin, the organizational barriers in the South Korea encryption sector were a major topic of discussion. Strict regulations are currently preventing non -residents from trading on cryptocurrencies in South Korea, prompting local merchants to external platforms such as Binance.

“In May 2023, about 13 percent of the total trading volume in Binance from South Korean merchants came,” said Zhou Young Hee, the administrative lawyer of the D.Code Law Group Group, describing the flow of local capital.

mjh@ charaldcorp.com