South Korea's FSC chairman nominee: cryptocurrency lacks intrinsic value

Lee Eog-weon, chairman of the South Korean Financial Services Commission (FSC), said in a written response to the confirmation hearing that cryptocurrencies lack intrinsic value and cannot serve as a store of value or medium of exchange due to high volatility. He also expressed concerns about pension investment in crypto assets. This remark immediately sparked strong opposition from the South Korean crypto industry, and industry insiders believe that its views are backward, especially as global institutions actively adopt cryptocurrencies. It is worth noting that Li Xuyuan is open to stablecoins and said that he will support South Korea's local stablecoin development plan and seek a balance between innovation and regulation.