Democratic Party "Establishing Policy for Real Estate Transaction Digitization, Reasons Why Cryptocurrency Is Not Allowed..."

[Asia Economy Reporter Park Cheol-eung] The Democratic Party of Korea is pushing for the digitization of real estate transactions. This initiative aims not only to reduce costs and enhance convenience but also to increase transparency in transactions, thereby aiding in the formulation of appropriate real estate policies.

On the 17th, Lee In-young, the floor leader of the Democratic Party, attended a forum titled "Activation of Public Sector Real Estate Electronic Contracts," hosted by party members Yoon Kwan-seok and Lee Hu-sam. He stated, "The cryptocurrency market has not gained trust due to security incidents that undermined self-regulation, information asymmetry, and insufficient legal frameworks. Real estate electronic contracts can eradicate illegal and deceptive transactions such as false reporting, bait listings, and double contracts, while enabling accurate public price disclosures based on actual transaction data."

He added, "It is necessary to activate the system by providing incentives not only to buyers but also to sellers. The real estate market must become a more transparent and fair market."

Lee Hae-chan, the leader of the Democratic Party, also conveyed in a written congratulatory message, "We will establish real estate policies that respond to the digital era to further expand public convenience and transaction transparency."

The real estate electronic contract system was piloted in 2016 and expanded nationwide from August 2017; however, its usage rate over the past four years remains at only 0.8% of all transactions.

Professor Lee Sang-young of Myongji University, who presented the topic at the forum, cited the advantages of real estate electronic contracts as "inducing transparent and fair real estate transactions," "improving improper real estate transaction practices such as double contracts and under-the-table deals," "blocking unregistered and unqualified transaction activities," and "creating a paperless real estate industry including banks, cards, and insurance."

Park Sun-ho, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, stated, "We must first activate real estate electronic contracts in the public sector, where the introduction of standard contracts is relatively easy, to create exemplary cases."

This content was produced with the assistance of AI translation services.