"The U.S. GENIUS Act could trigger a dollar offensive"
Jang Donghyeok, leader of the People Power Party, criticized confusion over virtual asset policy on the 4th, saying, "The ruling party and the government cannot even get on the same page and keep changing course, only adding to market uncertainty."
Jang made the remarks while attending the "Good Morning! Wednesday Policy Academy," hosted by the Yeouido Institute at the National Assembly Members' Office Building that day. The event focused on digital assets and financial innovation.
Jang Donghyeok, leader of the People Power Party, delivers opening remarks at the “Good Morning Wednesday Policy Academy” held at the National Assembly Members’ Office Building on the 4th.
Jang said, "Just a month ago, the government said it would expedite issuing a notice and tax virtual assets as scheduled. But as young people have mounted strong opposition, the Democratic Party of Korea has stepped in to try to postpone the measure once again."
"Digital assets are precisely the area where politics needs to respond most swiftly," Jang said. "As America-led economic nationalism has spread recently, techno-nationalism is gaining more traction than ever in the financial sector."
He added, "More than 160 trillion won worth of virtual assets had already moved overseas last year, and fees paid to overseas exchanges are estimated at 5 trillion won. Under these circumstances, once the GENIUS Act on U.S. stablecoins takes effect, a full-scale dollar offensive could begin."
Jang said, "The government's response is, frankly, far too late. The government has yet to even announce its plans for the won-based stablecoin market that President Lee Jae-myung pledged to create." He continued, "The ruling party is rushing political bills such as special prosecutor bills through at lightning speed, while failing to properly consult with the government on the Digital Asset Basic Act."
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Jang said, "The People Power Party began preparing to build a market ecosystem early, introducing a bill on won-based stablecoins last year. We have opposed collecting taxes before the necessary preparations are in place." He added, "We must take responsibility for leading discussions on the Digital Asset Basic Act ourselves, rather than trusting the government and the ruling party."
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