South Korea’s SEC Chair Nominee’s Cryptocurrency Comments Spark Major Debate

Lee Eok-Gained, the chairman of the South Korea’s Monetary Companies Fee (FSC), has led to controversy by claiming that cryptocurrencies don’t have any intrinsic worth.

Lee’s feedback had been included in written solutions earlier than he took workplace as head of the perfect monetary regulator within the nation.

Lee acknowledged that cryptocurrencies, attributable to their excessive worth volatility, can not fulfill the essential capabilities of a foreign money: storage of worth and trade medium. He additionally opposed pension and funding funds that spend money on crypto belongings, with the argument that the speculative nature of the market is dangers.

Nonetheless, these statements had been obtained with criticism from the native representatives of the Crypto trade, which described Lee’s feedback as ‘reactionary’, particularly at a time when many governments and firms embody crypto of their stability sheets. Some blockchain specialists, nevertheless, argued that Bitcoin and different cryptocurrencies have ‘digital advantages’, corresponding to safety and comfort of switch.

Lee acknowledged that he’s taking a extra balanced angle in direction of Stablecoins and says that he desires to stability innovation choices with safety measures.

South Korea is engaged on plans to manage an area foreign money stablecoin market. This motion runs parallel to comparable initiatives in areas corresponding to Japan, Hong Kong and China, and is taken into account a part of the technique of the international locations to keep up their financial sovereignty within the web3 period.

*This isn’t funding recommendation.