South Korea Should Consider Bitcoin Reserve, Say Industry Lobbyists, Democratic Party Members

South Korean financial experts and opposition politicians urged the country to integrate Bitcoin into his national reserves and to develop a won-backed stablecoin on a forum that was held last Wednesday.

The seminar, organized at the National Assembly by the most important Democratic Party of the opposition, analyzed potential reactions to American movements for a national reserve aimed at Bitcoin, according to Initial report From local media outlet the Korea Herald.

The discussions came a day before President Donald Trump signed an executive order To set up a Bitcoin Reserve and Crypto Stockpile at the end of Thursday.

By Friday afternoon, the White House organized its inaugural crypto -top, where he discussed the priorities of the Trump administration and outlines to “catalyze the crypto -renaissance,” said a physical document seen Through Decrypt Senior reporter Sander Lutz.

Decrypt wax promised A perspas from the White House to the top, where Trump comments to an audience of Crypto industry laminations, including strategy chairman Michael Saylor and Coinbase CEO Brian Armstrong.

In the meantime, legislators and managers in South Korea proposed to present ways for the country to respond to the results of the Crypto top of the White House.

“South Korea will have to respond with a clear policy,” said Kim Jong-Seung, CEO of Blockchain company Xcrypton, during the event on Wednesday prior to the Order of Trump.

The discussions coincide with growing calls to implement stocks and reserves of digital assets.

Hong Kong has in Asia sworn To further push the growing sector of the country of digital assets.

Japan also has one Walking proposal For a National Bitcoin reserve coincides with efforts from some legislators Lower crypto tax In the country.

“Asia in particular is still trying to weigh the impact that broad rates and trade wars will have on interest rates and global liquidity,” said Michael Terpin, CEO of Riser Capital Company Transform Ventures, said Decrypt.

But in South Korea, the current regulations prevent non-residents from being traded on South Korean crypto fairs, which pushes domestic traders to offshore platforms.

“I think Korea is generally slower than most, because we have just approved business accounts for crypto, and BTC and ETFs are still not allowed to be traded” Decrypt. “It seems that Korea is just trying to catch up.”

In addition to Bitcoin reserves, other experts on the forum emphasized the importance of creating a won-backed stablecoin.

Kim warned that without a domestic alternative to Stabilein, South Korea runs the risk of losing “monetary sovereignty” when stablecoins with USD-Peggs dominate the digital economy.

“We have to develop a model that connects Stablecoins Dollar and won Stablecoins for commercial transactions,” Kim told those present.

Rep. Kim Min-seok, which leads the policy preparation committee of the Democratic Party, indicated that his party would reform the crypto regulations of South Korea if it returns to power.

The country could hold an election in May if the accusation of President Yoon Suk Yeol is confirmed.

Published by Sebastian Sinclair