South Korean financial experts and opposition party members call for consideration of establishing Bitcoin reserves

South Korean financial experts and opposition politicians urged the country to include Bitcoin in its national reserves and develop a stablecoin supported by the South Korean won at a seminar held by the main opposition Democratic Party in Congress last Wednesday. According to an initial report by The Korea Herald, the seminar analyzed potential responses to US measures to establish a Bitcoin-centered national reserve. This discussion took place just before President Trump signed an executive order on Thursday establishing Bitcoin and cryptocurrency reserves.

Kim Jong-seung, CEO of blockchain company xCrypton, said at Wednesday's event: "South Korea needs to respond with clear policies." In addition to Bitcoin reserves, seminar experts also emphasized the importance of creating a won-supported stablecoin. Kim warned that if dollar 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." Kim Min-seok, head of policy planning committee for Democratic Party said that if his party returns to power they will reshape South Korea's cryptocurrency regulatory framework. Analyst Min Jung from Presto Research commented: "Overall, South Korea is slower than most countries; we have just approved corporate accounts for cryptocurrencies while trading in bitcoin and Ethereum ETFs are still not allowed. It seems like South Korea is just trying catch up."