South Korea's ruling party to oppose central bank's won stablecoin plan

South Korea’s ruling Democratic Party is reportedly set to oppose the Bank of Korea's key proposals for its upcoming legislation on won-denominated stablecoins, Yonhap Infomax reported. According to the party's Digital Asset Task Force, the group will reject the central bank's demands to limit issuance to bank-led consortiums where banks hold a stake of over 51%. The task force also plans to discard the proposal for a policy council with unanimous decision-making power. The legislation is part of the second phase of the country's Digital Asset Basic Act.