South Korean Opposition Party Cautions Against CBDC Adoption Without Safeguards
South Korea's People Power Party has expressed concerns over the introduction of a central bank digital currency (CBDC) without adequate legal and institutional safeguards. The party's leader, Jang Dong-hyeok, stated that payment convenience and efficiency do not justify proceeding with CBDC adoption before addressing privacy risks and individual control.
Jang questioned how far authorities could trace citizens' transactions and whether digital money could restrict where funds are spent. He also raised the possibility of programmable currency carrying expiration dates or other conditions, which would limit consumer choice.
The party's opposition to CBDC issuance without safeguards is part of its broader criticism of the government's digital-asset agenda. The People Power Party has taken separate positions against parts of the Digital Asset Basic Act, including proposed ownership limits for major shareholders and cryptocurrency taxation.