Nominee for Chairman of the South Korean Financial Services Commission: Cryptocurrencies Lack Intrinsic Value

ChainCatcher news, according to The Block, the nominee for the chairman of the Financial Services Commission (FSC) of South Korea, Lee Suk-yeon, stated in a written response to the confirmation hearing that cryptocurrencies lack intrinsic value and cannot serve as a store of value or medium of exchange due to high volatility, expressing concerns about pension funds investing in crypto assets.

This statement has sparked strong opposition from the South Korean crypto industry, with industry insiders considering the viewpoint a regression, especially at a time when global institutions are actively adopting cryptocurrencies.

It is noteworthy that Lee Suk-yeon holds an open attitude towards stablecoins, stating that he will support the development plan for local stablecoins in South Korea, seeking a balance between innovation and regulation.