Kevin Warsh Sworn in as New Fed Chair, Emphasizes Independence and Reform Kevin Warsh was officially sworn in as the new chair of the U.S. Federal Reserve on May 22. Following his inauguration, he emphasized the importance of the Fed's independence and the need for reform, drawing attention to how he will navigate monetary policy amid pressure from President Donald Trump for interest rate cuts. According to Yonhap News, during the swearing-in ceremony held at the White House, Warsh stated, "The mission of the Fed is to promote price stability and maximum employment." He added, "When we pursue these goals with wisdom, clarity, independence, and determination, inflation will decrease and growth will strengthen." Warsh expressed his intention to lead a reform-oriented Fed to further enhance America's prosperity and international standing, stating, "I will learn from past successes and failures and break free from rigid frameworks and models." While he underscored the importance of the Fed's independence, his comments also suggested a willingness to align with the reform agenda sought by President Trump. During the ceremony, President Trump remarked, "There is no one better prepared to lead the Fed than Warsh," and expressed his hope that Warsh would work completely independently. He added, "Do not look at me or be conscious of anyone else. Just do what needs to be done." Warsh's term will last four years, and he will preside over his first Federal Open Market Committee (FOMC) meeting next month. Market observers are keenly interested in how Warsh will approach interest rate policy amid rising inflation concerns due to instability in the Middle East and the prolonged conflict in Iran. Meanwhile, Jerome Powell, the former chair who frequently clashed with President Trump during his tenure, has stepped down from the chair position but remains on the Fed's board.* This article has been translated by AI. 2026-05-23 21:11:14

Kim Si-woo Takes Lead in CJ Cup; Im Sung-jae Records Hole-in-One Kim Si-woo and Im Sung-jae both delivered impressive performances on the second day of the CJ Cup Byron Nelson, a PGA Tour event with a total purse of $10.3 million, placing them at the top of the leaderboard. On May 23, during the second round at TPC Craig Ranch in McKinney, Texas, Kim Si-woo recorded 12 birdies and only one bogey, finishing with an 11-under 60. This score ties his personal best on the PGA Tour, which he set during the first round of the 2016 Wyndham Championship. With a total of 18-under 124, Kim moved from a tie for fourth place to sole possession of the lead, five strokes ahead of Im Sung-jae, Hirata Kensei (Japan), Scottie Scheffler, Wyndham Clark, and Jackson Suber (all from the U.S.), who are tied for second at 13-under 129. Kim started strong with a birdie on the first hole (par 4) and added birdies on the third (par 4), fifth (par 5), sixth (par 4), seventh (par 3), and ninth (par 5) holes. His momentum continued into the back nine, where he made three consecutive birdies from the tenth (par 4) to the twelfth (par 5) holes, followed by two more on the fourteenth (par 4) and fifteenth (par 3) holes. He added another birdie on the seventeenth (par 3) but ended with a bogey on the eighteenth (par 4). After the round, Kim said, "I feel good overall, even though the last hole was disappointing. I putted well, just like I practiced. With two rounds left, I will strive to continue playing well." Kim is aiming for his fifth PGA Tour victory, his first since the 2023 Sony Open. He stated, "I plan to approach the course the same way as in previous rounds. Although I have a six-shot lead, all players are performing well. I will focus on making as many birdies as possible." Im Sung-jae achieved his third career hole-in-one on the PGA Tour and set a personal best with a 10-under 61, which included one hole-in-one, one eagle, and seven birdies, with just one bogey. His score of 61 marks a new personal best on the PGA Tour, surpassing his previous record of 62 set at the 2019 Wyndham Championship. Im made his hole-in-one on the seventh hole (par 3). This is his third hole-in-one in a PGA Tour event, following his achievements in the second round of the 2019 Players Championship and the first round of the Military Tribute that same year. After adding an eagle on the ninth hole (par 5), Im finished the day with a total of 10-under 61, bringing his overall score to 13-under 129, placing him in a tie for second. Im expressed satisfaction after the round, saying, "It was a satisfying day overall. My tee shots, iron shots, and putting were all good. I was surprised by the hole-in-one, as I thought it was a good shot but didn’t expect it to go in. I’ll keep the lucky ball in my bag." With this momentum, Im is seeking his third career victory, his first since the Shriners Children's Open in October 2021. He remarked, "When my shots are good, I feel like I can compete for the win. This week feels like my third opportunity. If the weather is good this weekend, I think I can play aggressively on this course. If the greens cooperate, I can create many birdie opportunities. I want to take advantage of this momentum." Im also expressed confidence in his ability to compete for the title, stating, "It’s been about 4-5 years since I last won. However, I have been in contention twice this year. These experiences are definitely helpful. Competing for the win brings some tension and pressure, but having already experienced it this year, I plan to manage my emotions and focus on my play." World No. 1 and defending champion Scottie Scheffler moved up from a tie for sixteenth to a tie for second, recording one eagle and eight birdies without any bogeys. Among other Korean players, Noh Seung-yul is tied for twenty-third with a total of 9-under 133, Bae Yong-joon is tied for thirty-eighth at 8-under 134, and Kim Joo-hyung is tied for fifty-first at 7-under 135. Lee Kyung-hoon missed the cut.* This article has been translated by AI. 2026-05-23 21:09:00

Takaichi Strengthens Party Ties to Advance Constitutional Revisions and Security Issues Reports indicate that Prime Minister Sanae Takaichi is increasing face-to-face interactions with Liberal Democratic Party (LDP) officials to solidify her support within the party. On May 22, Takaichi hosted a dinner at the Prime Minister's official residence for LDP executives, including Matsuyama Masashi, the chair of the LDP's House of Councillors, and Ishii Junichi, the secretary-general of the House of Councillors. During the gathering, Takaichi acknowledged the challenges faced by the ruling party in the upper house, stating, "It has been very tough." According to the Yomiuri Shimbun, Takaichi had previously shown signs of distrust during the budget discussions for the 2026 fiscal year due to opposition from some LDP members. However, her demeanor at this meeting was reportedly more conciliatory. Matsuyama commented after the meeting that he sensed Takaichi's strong commitment to constitutional amendments. This has led to speculation that she is seeking cooperation from the upper house to advance key issues, including drafting a constitutional amendment proposal and revising security documents aimed at enhancing defense capabilities by early next year. Takaichi also mentioned potential locations for the upcoming Japan-South Korea summit, referring to a hot spring area previously discussed with South Korean President Lee Jae-myung, stating, "I am looking for an inn with hot springs and karaoke." This marks the fourth occasion this month that Takaichi has dined with party executives, both during the day and at night. Unlike her political mentor, former Prime Minister Shinzo Abe, who frequently attended social gatherings and party meetings, Takaichi has been known for her focus on policy research and minimal participation in such events. However, analysts suggest that she may have recognized the limitations of her previous "reclusive governance" approach in pushing sensitive issues like constitutional reform, defense enhancement, and the establishment of a national intelligence agency. Within the LDP, there are signs of a movement to consolidate support around Takaichi. According to the Asahi Shimbun, her support group, the National Power Research Association (JiB), reportedly includes 347 of the 417 LDP members, representing approximately 83% of the party's total membership.* This article has been translated by AI. 2026-05-23 21:06:00

AI Digital Twins: Transforming Work and Leadership 21st-century industrial revolution is undeniably centered around artificial intelligence (AI). However, AI has now progressed beyond the role of a mere assistant to the stage of replicating human beings. A digital counterpart, which has learned human speech patterns, thoughts, experiences, judgments, and even leadership styles, has begun to operate in the digital realm. The recent report by The Wall Street Journal on the phenomenon of "AI Digital Twins" signals a significant shift that could redefine labor, management, and the very concept of human existence in the AI era. Just a few years ago, AI was limited to tasks like summarizing documents or drafting meeting notes. Now, executives at some global companies in the U.S. are training AI on their emails, speeches, interviews, lectures, podcasts, and management philosophies to create digital avatars that closely resemble themselves. These AI digital twins are not mere chatbots; they can answer questions from team members, provide leadership coaching, assist with performance evaluations, and even deliver speeches at international conferences. A notable example is Reid Hoffman, co-founder of LinkedIn, who operates an AI called "Reid AI" that has been trained on his writings and speeches from the past 22 years. This digital twin has conducted over 75 lectures and presentations since 2024, introducing itself in 74 languages, including French, Chinese, and Hindi, and engaging in real-time Q&A sessions with audiences at the Dubai International Conference. This scenario is not just a technological event; it signifies a fundamental change in the concept of human productivity. In the past, an individual’s labor and knowledge were confined by physical and temporal limitations. No matter how exceptional a CEO might be, they could not work more than 24 hours a day. However, in the era of AI digital twins, one person's experiences and knowledge can be infinitely replicated and operate simultaneously in numerous locations. This could represent one of the most significant changes in the concept of labor since the industrial revolution. Just as the steam engine expanded human muscle, AI digital twins extend human intellect and judgment. While personal computers revolutionized document processing and calculations, digital twins are entering a phase where they replicate human thought and decision-making itself. Bala Sathyanarayanan, Chief Human Resources Officer at U.S. industrial packaging company Greif, reports that his AI twin, "BalaBot," has already interacted with over 3,300 employees. Workers consult the AI on sensitive issues like managing underperformers and career development. Some employees credit AI-recommended coaching strategies for their growth into leadership roles within the organization. This marks a highly symbolic change. In the past, a company’s core assets were factories and capital. Later, data and platforms became key assets. Now, the experiences and know-how within organizations—essentially, the humans themselves—are being transformed into digital assets. Ultimately, the competitive edge in the AI era may hinge on "who has successfully digitized superior human knowledge assets." However, this raises complex ethical and philosophical questions. Who owns the digital twin? If an employee leaves the company, does their AI counterpart leave as well, or does the company retain ownership? Moreover, what happens if a company decides to lay off human employees and retain only the AI counterparts? In fact, intense debates are already underway within U.S. companies. Some employees express discomfort, stating, "I don’t like that my emails and thought processes are all being fed into AI." There are also potential legal issues if AI conveys incorrect hiring guidelines or makes distorted decisions. The phenomenon of AI "hallucination," where AI generates inaccurate information, remains unresolved. For instance, Reid AI provided a different answer to a question about favorite ice cream than the actual Reid Hoffman would have given. Ultimately, AI digital twins are likely to be used as tools for human enhancement rather than complete replacements. In other words, AI does not eliminate humans; it reallocates their time. Routine tasks and everyday interactions can be handled by AI, allowing humans to focus on more creative and strategic areas. AI digital twins could also be a crucial solution in aging societies. In countries like South Korea, where rapid low birth rates and aging populations are prevalent, the loss of experienced veteran workers upon retirement poses a significant challenge. However, AI twins can preserve decades of on-the-job experience as digital assets. The skills of manufacturing artisans, the reporting expertise of journalists, the clinical experiences of doctors, and the educational philosophies of teachers can be passed down to future generations in digital form. The potential for utilizing digital twins is particularly significant in the media and broadcasting sectors. If AI learns the writing style, logical structure, interviewing techniques, and reporting philosophies of veteran journalists, it could lead to groundbreaking changes in training junior reporters and improving article quality. If AI can replicate the speaking style and analytical approach of economic anchors and the logical frameworks of international affairs commentators, the media industry could enter an entirely new phase. Application Potential and Future Directions for Korean Companies Korean companies are already beginning to prepare for the era of AI digital twins. Samsung Electronics is enhancing personalized AI assistants through AI semiconductors and on-device AI technology, while SK Hynix is entering the next-generation AI infrastructure competition based on AI servers and HBM memory. Additionally, platform companies like Naver and Kakao are attempting to expand the corporate AI agent market based on Korean-language specialized super-large AI. In the future, we can expect the emergence of AI digital twin services that learn the expertise of corporate CEOs, executives, sales professionals, financial analysts, journalists, and legal experts, moving beyond simple AI chatbot capabilities. For instance, in manufacturing, AI could learn the know-how of skilled technicians to diagnose production line issues in real-time. In finance, AI could learn the consultation patterns of veteran private bankers to provide customized asset management services to clients. In healthcare, AI twins could accumulate the diagnostic experiences of renowned doctors to reduce disparities in medical services. The same applies to the media sector. AI trained on the analytical styles of international relations experts could analyze significant trends such as the U.S.-China power struggle, Middle Eastern geopolitics, and the AI industrial revolution in real-time, providing readers with deeper insights. Ultimately, future competitiveness will depend not on the quantity of articles produced but on how effectively human insights and experiences can be digitized. However, Korean companies must adhere to three essential principles. First, the human-centered principle: AI should be used as a means to enhance human capabilities, not replace them. Second, the data sovereignty principle: ownership and compensation structures for individual employees' knowledge and experiences must be clearly defined. Third, the ethics and accountability principle: humans must bear ultimate responsibility for AI's decision-making errors. Digital twins are poised to become the norm. AI is now entering a stage where it creates a "second self" for humans, moving beyond being a mere search tool or automation device. When combined with agentic AI, which can make decisions, plan, and act independently, the pace of change will accelerate. As AI takes over repetitive tasks, humans will likely be liberated from many of these duties. As a result, humans will have more time for strategic thinking, creative activities, and living fulfilling lives. Physical fatigue will decrease, and mental stress may also be alleviated. AI digital twins could serve as tools for a civilizational shift, returning to humans the time for "rest" and "reflection" beyond mere productivity innovations. Ultimately, the key issue is not the technology itself but what kind of civilization humans will create through AI. The true winners in the AI era will not be the countries with the fastest machines but those that deeply understand the harmony between humans and technology.* This article has been translated by AI. 2026-05-23 21:01:12

Tight Race for Seoul Mayor: Candidates Go All Out in Weekend Campaigns The race for Seoul Mayor has tightened to a mere 0.1 percentage points between Jung Won-o of the Democratic Party and Oh Se-hoon of the People Power Party. On May 23, the candidates are actively campaigning across the city as the first weekend of official election activities unfolds. Jung began his day at 9:30 a.m. in Dobong District, promising infrastructure improvements and better living conditions to garner support. He will also meet with citizens around Yeonsinnae Station in Eunpyeong District later in the day. In observance of the 17th anniversary of the late President Roh Moo-hyun's passing, Jung plans to attend a memorial service at the Roh Moo-hyun Citizen Center in Jongno District and will watch a live stream of the ceremony in Bongha Village. Following this, he will move to Seodaemun District for street campaigning near Hongje Station and meet residents in Hyunhyeon-dong to promise swift progress on local redevelopment projects. He will conclude his day with a focused campaign in Hongdae, Mapo District, engaging with citizens celebrating Buddha's Birthday. Oh kicked off his weekend campaign with a running event. At 7 a.m., he delivered a public message at the Yeouinaru Station runner's station, then ran approximately 3 kilometers along the popular 'Sweet Potato Run' route to connect with voters. He will then head to the southwestern region, where housing innovation and development issues are prominent. His schedule includes campaigning at Sinjeongnegeori Station in Yangcheon District, touring the Sinyeong Market, walking with citizens at the Seoul Botanical Garden, and conducting focused campaigning at Gakchisann Market and Balsan Station Plaza. He will also visit Byeollitnamun Market in Geumcheon District and Samseong Market in Gwanak District to meet shoppers during the holiday. After his southwestern campaign, Oh will revisit the Seoul International Garden Expo site in Seongdong District. He will wrap up his campaign at the Seoul Express Bus Terminal in Seocho District and make appearances at Seokchon Lake in Songpa District. The Seoul mayoral election is highly competitive, with the latest polls showing a narrow margin of just 0.1 percentage points. According to a survey conducted by Ace Research from May 19 to 20, which sampled 1,002 adults aged 18 and older living in Seoul, Jung received 41.7% support while Oh garnered 41.6%. The survey utilized a 100% automated response system with virtual numbers provided by three mobile carriers. The response rate was 5.5%, and the margin of error is ±3.1 percentage points at a 95% confidence level. For more details, visit the Central Election Survey Deliberation Commission's website.* This article has been translated by AI. 2026-05-23 20:57:43

SpaceX Successfully Tests Next-Gen Starship V3 Ahead of IPO SpaceX has successfully conducted a test launch of its next-generation spacecraft, Starship V3, ahead of its upcoming initial public offering (IPO). The mission, which included key objectives such as spaceflight and ocean landing, is expected to positively influence investor sentiment as the company prepares to go public. On May 22, SpaceX broadcasted the launch and flight of its 12th Starship rocket, Starship V3, via its official social media platform X. Launched from SpaceX's Starbase in Texas, the rocket completed a suborbital flight and successfully landed in the Indian Ocean. During the flight, it successfully deployed 22 model satellites and streamed the entire process live. This successful test is seen as a significant achievement for SpaceX ahead of its planned Nasdaq listing next month. Market analysts predict that the company's valuation could reach approximately $1.75 trillion (about 2,658 trillion won) following the IPO. Starship V3 is a next-generation launch vehicle developed to support NASA's lunar exploration project. In its recent IPO filing, SpaceX stated, "Starship is the most powerful launch system ever developed, capable of carrying up to 100 tons of cargo, with plans to double its payload capacity in future models." However, some technical challenges were noted. The first-stage booster, Super Heavy, successfully separated but failed to land upright in the ocean due to ignition issues with some engines. Additionally, one of the six engines on the Starship experienced an ignition failure, but the flight continued thanks to adjustments made to the remaining engines. SpaceX had initially planned to attempt the launch a day earlier but postponed it by a day due to issues detected in the hydraulic system of the launch tower.* This article has been translated by AI. 2026-05-23 20:55:29

Sunny and Mild Weather Expected for Buddha's Birthday On Buddha's Birthday, Sunday, May 24, clear and mild weather is expected across the country. Rain that fell in various regions the previous day is forecast to mostly cease by morning, making it a suitable day for outings during the holiday.According to the Korea Meteorological Administration, the weather will start cloudy but gradually clear up by the morning. However, Jeju Island will remain overcast throughout the day. Morning low temperatures are predicted to range from 11 to 16 degrees Celsius, while daytime highs are expected to reach between 21 and 28 degrees. The temperature difference between day and night, particularly in inland areas, may reach around 15 degrees, so residents are advised to take care of their health. Fine dust levels will be at 'good' to 'moderate' levels nationwide, indicating fair air quality. Waves in the coastal waters are expected to be 0.5 to 1.5 meters in the East and South Seas, and around 0.5 meters in the West Sea. Offshore wave heights are forecasted to be between 0.5 to 2.0 meters in the East and South Seas, and 0.5 to 1.0 meters in the West Sea. Looking ahead to early next week, rain is again expected nationwide. The Korea Meteorological Administration predicts that rain will begin in Jeju Island on the afternoon of May 25, spreading to the Jeolla region and western South Gyeongsang Province by night. Expected precipitation amounts are 5 to 30 millimeters in Jeju, 5 to 20 millimeters in Gwangju and South Jeolla, and 5 to 10 millimeters in North Jeolla and western South Gyeongsang. The rain is expected to expand nationwide on May 26 and mostly cease by May 27, although some areas in Gangwon Province, Gyeongsang regions, and Jeju may continue to see rain into the morning. Temperatures next week are expected to remain around normal levels. On May 25, morning lows are forecasted to be between 12 and 18 degrees, with daytime highs ranging from 22 to 29 degrees. On May 26, when rain is expected, morning temperatures will be between 16 and 20 degrees, and daytime highs will be between 20 and 26 degrees. Following this, early summer-like weather with morning lows of 13 to 20 degrees and daytime highs of 21 to 29 degrees is anticipated.* This article has been translated by AI. 2026-05-23 20:54:00

U.S. Deploys Dozens of Refueling Aircraft at Israeli Airport Amid Iran Strike Concerns The United States has reportedly stationed dozens of refueling aircraft at Israel's Ben Gurion Airport, raising speculation about preparations for a potential resumption of strikes against Iran. According to a report by Yonhap News on May 23, citing the Financial Times (FT), satellite imagery analysis revealed that at least 50 U.S. military refueling aircraft have been observed at Ben Gurion Airport this month. The number of refueling aircraft at the airport has steadily increased since late February, just before the U.S. and Israel were poised to launch attacks on Iran. The count rose from about 36 in early March to 47 by early April, coinciding with the onset of a ceasefire, and has now reached 52 this week. Ben Gurion Airport, located near Tel Aviv, serves as Israel's primary civilian aviation hub. The FT noted, "Gray military aircraft belonging to the U.S. Air Force, particularly refueling planes, are filling the airport's tarmac, making them easily visible to both civilian passengers and motorists on nearby highways." Refueling aircraft are considered essential for long-range strike operations, as they enable fighter jets to receive fuel in midair, significantly extending their operational range and flight time. During the previous U.S. operation against Iran, known as 'Operation Grand Fury,' KC-135 and KC-46 refueling aircraft were deployed throughout the Middle East to support long-range missions by U.S. and Israeli fighter jets. This increase in refueling aircraft may also indicate preparations for a renewed campaign against Iran. While negotiations for a ceasefire between the U.S. and Iran are ongoing, President Donald Trump has maintained that military options remain on the table. Recently, there has been a growing sentiment that if negotiations remain stalled, the U.S. and Israel could resume strikes against Iran within days. The FT also reported concerns within Israel that Ben Gurion Airport is effectively being used as a U.S. military base. The influx of military aircraft has led to space shortages for Israeli airlines, with some flights reportedly being redirected to foreign airports.* This article has been translated by AI. 2026-05-23 20:51:21

Park Geun-hye Supports Choo Kyung-ho in Daegu Market Visit Former President Park Geun-hye, often referred to as the "queen of elections," visited the traditional Chilseong Market in Daegu on May 23 to rally support for Choo Kyung-ho, the People Power Party candidate for mayor. According to Choo's campaign committee, Park and Choo toured the market together at 2 p.m., where Park engaged with local merchants and shoppers, urging them to support Choo. Earlier, on May 4, Choo visited Park's residence in Daegu's Dalseong County for a 40-minute conversation. During that meeting, Park encouraged Choo, saying, "Work hard in this election and make sure to win. Our citizens will make a wise decision," as reported by Choo. Meanwhile, Choo is in a tight race with Kim Boo-kyum, the Democratic Party candidate. A recent poll conducted by KBS Daegu and commissioned by Korea Research from May 16 to 20 showed Kim with 40% support and Choo with 39% among 800 Daegu voters. The poll utilized a telephone interview method with virtual numbers, achieving a response rate of 19.2%. The margin of error is ±3.5 percentage points at a 95% confidence level. For more details, please refer to the website of the National Election Survey Deliberation Commission.* This article has been translated by AI. 2026-05-23 20:49:27

Rep. Min Byung-deok: 'Won Stablecoin is a Strategic Asset for South Korea's Economy' The debate surrounding the digital asset market is intensifying. Once viewed as symbols of 'speculation' and 'gambling,' virtual assets are now being discussed as strategic industries related to national financial order, monetary sovereignty, and payment infrastructure in the AI era. The United States, Europe, Japan, and Hong Kong are already accelerating the establishment of regulations related to stablecoins and digital assets, and voices in South Korea are growing louder, urging that action can no longer be delayed. At the center of this movement is Min Byung-deok, a member of the Democratic Party of Korea. Recently, he has garnered attention both inside and outside the political arena by introducing the 'Digital Asset Basic Law.' Min defines digital assets not merely as investment products but as a 'future financial infrastructure.' He emphasizes the need to develop the won stablecoin as a new growth engine for the South Korean economy. Throughout the interview, Min stressed the importance of 'leadership that understands the pace of change.' He stated, 'Payments in the AI era will inevitably move toward digital assets,' adding that 'sovereign AI and the won stablecoin are key components of South Korea's future security and economic strategy.' 'Transforming Coins from Speculation to Industry... Regulation is Key' — You graduated with a degree in political science and worked as a lawyer before entering politics. What motivated your recent active involvement in the digital asset sector? 'During my university years, I was involved in poverty movements in demolition zones and hillside neighborhoods. We advocated for permanent rental housing for tenants in redevelopment areas. That experience highlighted the importance of regulation. Without a system, the public suffers. The same applies to digital assets today. The phenomenon is already massive, but the lack of regulation is causing confusion.' — Were you initially positive about digital assets? 'Honestly, I used to think of coins as akin to gambling. However, upon closer examination, I realized that with regulation, this could become an industry. It has the potential to create significant jobs and economic opportunities, yet we had been neglecting it.' — You often refer to yourself as a 'people's politician.' 'Ultimately, politics is about taking responsibility for people's lives. During the COVID-19 pandemic, self-employed individuals suffered immense losses due to gathering bans, yet no one discussed compensation. I protested in front of the Blue House and pushed for loss compensation laws. I believe that addressing people's livelihoods is not just talk; it requires commitment until solutions are found.' — Do you view digital assets as a livelihood issue as well? 'Absolutely. It represents a future economic opportunity, and neglecting it will harm the public. We risk missing out on the chance for industrial growth.' 'The Digital Asset Basic Law is a Blueprint for Financial Infrastructure' — What is the core of the Digital Asset Basic Law? 'In short, it aims to shift coins from the realm of speculation to that of regulation. Until now, they have been left unattended. However, if regulated as stablecoins, they can become payment methods and financial infrastructure. I believe it serves as the foundational law for designing South Korea's future financial system.' — Why do you believe now is the right time for legislation? 'The world is already moving forward. Hong Kong, Singapore, and the United States are all tokenizing real-world assets (RWA). Payment and remittance infrastructures are being restructured around digital assets. Meanwhile, we are still deliberating whether to proceed. The technology is already sufficient, but the regulation is lagging.' 'Assessing South Korea's Digital Asset Competitiveness' — How do you evaluate South Korea's competitiveness in digital assets? 'South Korea ranks as the third-largest market globally, following the United States and China. We are certainly not lagging behind. The issue lies in regulation. The U.S., Japan, and Hong Kong are all advancing, yet we still lack rules. Despite this, we maintain our position as the third-largest market.' — Is there significant interest from foreign companies? 'Absolutely. Once regulations are established, many companies are eager to operate in South Korea. The country has a high level of acceptance for digital assets.' 'Changing the Perception from 'Virtual Assets' to 'Digital Assets' — You emphasize the term 'digital assets' instead of 'virtual assets.' 'Referring to them as virtual assets makes them seem non-existent and unrealistic. However, these are actual assets functioning in the digital space. Think of them as digital gold. It's not just a matter of terminology; it's about changing perceptions.' — The public perception still leans heavily toward speculation. 'That's because many haven't tried it. Once people use it, they find it convenient and low-cost. Ultimately, as regulations are established and various use cases emerge, perceptions will naturally shift.' — The bill also includes provisions for fully allowing ICOs. 'Until now, we have been caught between prohibition and neglect. I advocate for orderly permission. We should allow participation in line with global standards while clearly regulating activities.' — This will significantly impact the startup ecosystem. 'Absolutely. Fundraising will become much easier. It's akin to laying down the tracks for a railway. We are establishing the rails for the future financial payment system.' 'The Core of Stablecoins is Reserve Assets' — You have set the capital for issuing won stablecoins at 500 million won. 'Setting it too low or too high poses problems. The key is not the capital size but how securely we can manage and redeem the reserve assets.' — Can you explain the concept of reserve assets simply? 'For example, to issue one coin, you would need to hold 1,000 won in actual reserves. If cash is needed again, it can be exchanged for 1,000 won at any time. Ultimately, stability comes from managing reserve assets and the redemption system.' — Are there concerns about a bank run? 'There can be no bank run if we hold 100% of the reserve assets. While banks keep only a portion as reserves, stablecoins are structured to hold the full amount.' — You proposed establishing a Digital Asset Committee directly under the President rather than under the Financial Services Commission. 'This is not an issue that the Financial Services Commission can handle alone. It connects with the Bank of Korea, the Ministry of Science and ICT, tax, and trade issues. Given that this is a national strategic industry that will shape the future financial order, it should be under the President's direct oversight.' 'The Bank of Korea as a Defender... Innovation Should Be Led by the Private Sector' — The Bank of Korea and financial authorities are somewhat conservative. 'I understand the conservatism of central banks. However, in the field of innovation, we need an approach that manages risks rather than eliminates them. We cannot ban cars just because they are dangerous.' — Why do you oppose a bank-centered structure? 'Officials from Hong Kong's financial authorities have expressed similar sentiments. Banks are defenders, not attackers. Innovation should be led by the private sector, while banks can play a role in ensuring stability.' — What changes do you anticipate if the bill passes? 'Talent and technology that have gone overseas will return. There is a high likelihood that global companies will flock to South Korea. Nearly 30% of the population has experienced digital assets. We have one of the highest levels of acceptance in the world.' — Ultimately, this is a strategy for becoming a financial hub. 'Exactly. While the U.S. will continue with a dollar-based system, we can pursue a won stablecoin strategy based on content and platforms. The country that dominates the payment system will control the future.' 'Sovereign AI and the Won Stablecoin as a Unified Strategy' — You have defined digital assets as a national strategic industry. 'Payments in the AI era will inevitably transition to digital assets. Therefore, I view sovereign AI and the won stablecoin as a unified strategy. This is not just about finance; it is a matter of national security strategy.' — What kind of leadership does South Korea need? 'Leadership that understands the direction and pace of change. We must boldly foster areas that need growth and listen and coordinate to address areas requiring distribution. Future industries like digital assets should be nurtured, while existing industries must establish fair distribution structures.' Min Byung-deok is a member of the Democratic Party of Korea, having graduated from Seoul National University with a degree in political science. After passing the 40th National Bar Examination, he worked as a lawyer. He has been active in the field of economic justice through the Lawyers for a Democratic Society and later entered politics, currently serving as a two-term representative for Anyang Dong-nan. He has focused on financial and livelihood policies in the National Assembly's Political Affairs Committee, actively pursuing legislation related to loss compensation during the COVID-19 pandemic and consumer protection in finance. Recently, he has taken the lead in policies regarding digital finance and stablecoins by introducing the Digital Asset Basic Law. He defines digital assets not merely as investment products but as 'the future financial infrastructure of South Korea,' emphasizing the need to develop the won stablecoin as a strategic asset for national security in the AI era.* This article has been translated by AI. 2026-05-23 20:39:40