South Korea's FSC Chairman Nominee: Cryptocurrencies Lack Intrinsic Value

Lee Eog-weon, the nominee for Chairman of the Financial Services Commission (FSC) of South Korea, stated in a written response to a confirmation hearing that cryptocurrencies lack intrinsic value and cannot be used as a store of value or medium of exchange due to their high volatility. He also expressed concerns about pension funds investing in crypto assets. This statement immediately sparked strong opposition from the South Korean crypto industry, with industry insiders believing that his views are regressive, especially at a time when global institutions are actively adopting cryptocurrencies. It is worth noting that Lee Eog-weon has an open attitude towards stablecoins, stating that he will support the development of local stablecoin projects in South Korea, seeking a balance between innovation and regulation.