South Korea’s Democratic Party proposes country’s first stablecoin bill

PANews reported on July 28 that according to the Chosun Ilbo, the Democratic Party of Korea proposed a bill on the 28th to institutionalize stablecoins. Ahn Deok-gil (transliteration), a member of the Democratic Party of Korea, who belongs to the National Assembly Budget Settlement Committee, will present the "Draft Law on the Issuance and Circulation of Value-Stable Digital Assets" containing the above content on the same day. The media explained: "Although the "Basic Law on Digital Assets" proposed by Democratic Party member Min Bingde (transliteration) last month contains some stablecoin-related content, this is the first time that a bill has been passed to regulate the entire ecosystem of the issuance, circulation, and supervision of the Korean won stablecoin." Previously, the Daily Economy reported that Kim Eun-hui (transliteration), a member of the National Power Party, also planned to propose a bill related to the issuance of the Korean won stablecoin this week.