Korean FSC chair nominee would not suppose crypto is a monetary asset
Seung-beom Koh, a nominee for chairman of South Korea’s Financial Service Commission (FSC), doesn’t regard cryptocurrencies as a monetary asset.
In a press meeting with native journalists, Seung-beom mentioned that fintech consultants from distinguished organizations such because the G20, the International Monetary Fund and others “find it difficult to see virtual currencies as a financial asset, and think they could not function as a currency.”
Seung-beom’s feedback coincide with the continuing surge in crypto buying and selling amongst younger buyers, who primarily make investments in search of short-term earnings, based on The Korean Times. Investors additionally see cryptocurrencies as a good probability to purchase properties by countering skyrocketing property costs.
Koh additionally identified that extreme family credit score might negatively affect South Korea’s financial system. As of March 2021, the nation’s family credit score witnessed a 9.5% hike to achieve 1,765 trillion gained i.e. roughly $1.52 trillion. As a way to curb the growing family debt, Koh mentioned:
“The FSC will push ahead with existing anti-debt measures and come up with additional steps, if needed, by mobilizing all available policy means.”
Related: South Korean FSC denies plans to close down 11 crypto exchanges
South Korean authorities have been reportedly planning to close down quite a few crypto exchanges underneath the suspicion of working fraudulent collective accounts and borrowed-name accounts.
However, on Aug. 9, the FCS reached out to Cointelegraph to disclaim such claims of suspending crypto exchanges. The consultant said that the 11 exchanges in query “are required to open up and use real-name accounts for the purpose of collecting deposits.”
Just final month, South Korean authorities warned crypto exchanges to voluntarily register with native authorities by Sep. 24 or danger going through jail time or hefty fines.