FSC chairman candidate Koh Seung-beom believes that cryptocurrencies do not fit the definition of a financial asset.
Meeting with local reporters Ko Seung-bong
stressedthat financial technology experts from large organizations like the G20 and the IMF “find it difficult to treat virtual currencies as a financial asset, since cryptocurrencies cannot function as currencies.”
South Korean investors, especially young ones, are increasingly investing in cryptocurrencies. Many are looking for quick profits, but often people are investing in digital assets to combat the rapid rise in property prices. Currently, the volume of mortgage loans issued in South Korea is $ 1.52 trillion. This becomes a constraining factor for the growth of the country’s economy.
However, regulators in South Korea are increasingly putting pressure on cryptocurrency companies. New regulations in the cryptocurrency industry have brought 11 Korean exchanges to the brink of closure. And if Ko Seung-bong becomes the chairman of the FSC, then we can hardly expect a softening of the industry regulation.
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