South Korea's financial regulator nominee says cryptocurrency has no intrinsic value, but supports stablecoin program

PANews September 1st news, according to The Block, Lee Eok-won, chairman of the Korean Financial Services Commission (FSC), said before the confirmation hearing that cryptocurrencies cannot serve as a store of value or a medium of payment due to high volatility and lack intrinsic value. He is cautious about pensions and pension funds investing in crypto assets, and pointed out that local crypto ETFs are still controversial. Lee's remarks have been criticized by industry insiders as a regression, but he also supports South Korea's plans to promote the local stablecoin market.