The top Korean financial regulator dismissed discussions related to any plan to adopt Bitcoin as a national reserve.
The South Korean population is highly inclined toward the Bitcoin sector, with a well-regulated market. Over the last 4 years, the government regulatory bodies have enforced strict regulatory measures, such as mandatory real-name trading accounts and anti-money laundering measures, ensuring transparency and investor protection to prevent any misconduct related to crypto transactions.
On 24 Nov 2024, The Chairman of the Financial Services Commission (FSC), Kim Byung-hwan, made comments regarding the Bitcoin adoption as national reserve speculation during a TV interview.
In the TV interview, he clearly stated that South Korea doesn’t need to adopt Bitcoin and also clarified that Seol doesn’t have any intention of such ideas. Indirectly, the FSC chairman confirmed that all these are only part of speculations among crypto enthusiasts & there is nothing among the officials.
The Seol FSC chairman Kim Byung-hwan says "We (South Korea) aren’t anywhere near a move to (build a Bitcoin reserve) at the moment.”
— Bitcoinik (@Bitcoinikdotcom) November 25, 2024
But here is one important thing: we can see that he admitted that there will be some serious decisions regarding this matter in the future.
2/3)Kim said "The level to which we will foster (the crypto industry) in the future will ultimately be a matter of judgment. It will be based on whether other countries’ stances change due to US government policy.”
— Bitcoinik (@Bitcoinikdotcom) November 25, 2024
He also added that the decision to hold Bitcoin as a reserve asset will also depend upon the domestic situation in the country at that time. Indirectly, Jim tried to drag attention toward the uncertain future of the economy, which is a usual thing for any country.
3/3) The FSC official also said that "Our (country) priority is working out how best to further protect (domestic crypto) investors. The idea of holding (Bitcoin) as a reserve asset is an issue that we will have to take some time to look at.”
— Bitcoinik (@Bitcoinikdotcom) November 25, 2024
It is worth it to note that Jim’s statement clearly shows that his response was based on the increasing speculation on the Bitcoin reserve strategy following the big announcement by the newly elected US president, Donald Trump. Alternatively, we can say that US leaders’ pro-crypto measures are having a significant impact on other countries to become Bitcoin-friendly.
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