South Korea's ruling party refutes reports of government-backed stablecoin bill

A spokesperson from South Korea’s ruling Democratic Party of Korea (DPK) told CoinNess that recent reports claiming the Ministry of Economy and Finance and the Bank of Korea are preparing legislation for a Korean won-based stablecoin are “groundless.” Earlier reports stated that Jin Sung-joon, the DPK’s chief policymaker, made the comments during a press briefing on key legislative and policy priorities for the June provisional session of the National Assembly. Addressing the reports, the DPK spokesperson clarified that Lawmaker Jin had merely said the party would "monitor discussions at the Presidential Commission on National Policy Planning," suggesting the misinterpretation may have occurred during journalists’ transcription.