Catenaa, Friday, November 29, 2024 – South Korean regulator said it was undecided on the concept of holding Bitcoin as a state reserve, reports said.
“We need to observe other countries reaction,” an official of Financial Services Commission said.
The rising price of virtual assets was observed with skepticism by the chief of the Financial Services Commission (FSC) Kim Byung-hwan, a report on November 24 said.
A closer scrutiny of the surge in the virtual asset prices within a short time is a necessity to examine if it is being driven by unfair trading, the chief of FSC said.
South Korea’s financial regulator, the Financial Services Commission (FSC), hinted that BTC was not worthy of national economic growth.
Dismissing the idea of Bitcoin Reserve, the FSC noted that “the idea of holding Bitcoin as a reserve asset is an issue that we will have to take some time to look at.”1
Recently, US President-elect Donald Trump made a declaration at the Bitcoin 2024 conference that once he gains presidency, he would implement fully regulated Bitcoin policies for the USA.
FSC said however, that it would monitor the rest of the nations’ reactions to Trump’s coming crypto scheme.
In South Korea, prior to its implementation of the Virtual Assets Protection Act on July 19, the FSC rejected the virtual asset integration with the institutional system.
- newsprime.co: https://www.newsprime.co.kr/news/article/?no=664067 [↩]
