Kim Seo-jun, the CEO of Hashed, noted that "the digital G2 strategy is a historical necessity, not an option," and added, "I hope this can be a stepping stone for South Korea to position itself as a representative country and designer in Asia within the newly forming order of digital assets and digital citizenship."
On the 7th, at the "First Step Toward Digital G2: Korea Initiative" forum held at Hashed Lounge in Gangnam, Seoul, Kim predicted that a market with 30 million global monthly active users (MAU) and an annual transaction volume of 20 trillion won could open, aiming for blockchain services that feel like they are not blockchain-based.
Kim said, "Korea should focus on the concept of citizenship and nationality as a cultural powerhouse equipped with soft power," and noted, "There is a transition happening from traditional nationality to digital citizenship," and added, "The relationship between the state and citizens is also being redefined as a contractual relationship."
Furthermore, Kim introduced that "the concept of a network-based digital state is being defined, and experiments are being conducted worldwide to establish digital governance systems and create new forms of physical nations or small cities based on them."
In another session, Professor Lee Jong-seop from Seoul National University pointed out that "in an effort to strengthen economic sovereignty and expand digital influence globally, the integration of stablecoins, Central Bank digital currencies (CBDC), and local currencies is emerging as a key strategy," and added, "It is crucial to find an answer at this point, but discussions about which of the three currencies are needed are only taking place sporadically."
He further explained that "a multi-strategic approach that can be operated in parallel is essential beyond the binary options of integrating into the dollar stablecoin system or introducing a won stablecoin," and emphasized that "integrating the three types of currencies would allow for the creation of a multilayered ecosystem where domestic and international users interact organically."
Regarding stablecoins, there were opinions that if specific regulations are not clearly established, many talents could be lost. It was noted that swift legislative procedures would eventually become the driving force for ongoing innovation and create mechanisms to protect users.
Lee Geon-woo, head of product at Coinbase, said, "Until now, in the U.S., the regulations have been unclear, leaving businesses unsure of what tune to play, and users have faced issues of not being protected," and added, "However, recently, federal regulations related to stablecoins have emerged, and the U.S. is expected to have clearer regulations moving forward."
He further noted, "Internally, I concluded that clarity regarding regulations is paramount. If unclear regulations persist until 2030, it has been investigated that about 4 million jobs could be lost in the U.S.," and emphasized, "The virtual asset market is seeing not only tech companies but also traditional finance entering. However, under regulatory uncertainty, there are findings that we could lose these good talents."
He explained that "the momentum of the virtual asset market itself is leading to legislative processes, and recently there have been significant developments, including regulations such as the Genius Act and Clarity Act," and added, "Such sudden changes are ultimately due to an increase in voters related to virtual assets in the U.S., leading to change and clarity."