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

Jinse Finance reported that Lee Eog-weon, the nominee for chairman of the Korean Financial Services Commission (FSC), stated in a written response at the confirmation hearing that cryptocurrencies lack intrinsic value and, due to their high volatility, cannot serve as a store of value or medium of exchange. He also expressed concerns about pension funds investing in crypto assets. This statement immediately sparked strong opposition from the Korean crypto industry, with insiders considering his views regressive, especially as global institutions are actively adopting cryptocurrencies. Notably, Lee Eog-weon holds an open attitude towards stablecoins, stating that he will support the development of local Korean stablecoin initiatives and seek a balance between innovation and regulation.