People Power Party Strongly Opposes CBDC Introduction

The People Power Party has expressed strong opposition to the introduction of Central Bank Digital Currency (CBDC). On the 13th, party leader Jang Dong-hyuk stated on Facebook, "We strongly oppose the introduction of CBDC until legal and institutional safeguards that the public can trust are fully established." He acknowledged that CBDC is evaluated as a technology that can enhance the convenience and efficiency of payments, but emphasized that convenience alone should not rush the process. He also pointed out issues regarding the traceability of public transactions, control over the use and duration of money, and the guarantee of choice regarding currency. Jang mentioned the case of the United States prohibiting retail CBDC initiatives due to privacy concerns, as well as the fact that major developed countries like Japan are not rushing to issue it. The Bank of Korea is promoting the introduction of CBDC through the 'Project Han River', having completed the first test last year and currently conducting the second test. The People Power Party is raising its voice against government policies related to digital assets, advocating for restrictions on major shareholders' stakes and the suspension or abolition of taxation on digital assets.

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