Chairman of the Korean FSC dismisses the possibility of building a national Bitcoin reserve

The Chairman of the Financial Services Commission of Korea (FSC), Choi Jong-ku, has officially dismissed the possibility of building a national Bitcoin reserve, emphasizing that currently, Korea does not have a solution for Bitcoin or other cryptocurrencies. He also stated that there are no plans to establish an official cryptocurrency exchange for the country, reflecting the government's caution towards the digital currency market, which poses significant risks due to high volatility and lack of clear regulation.

Choi Jong-ku emphasized that, although Korea has one of the largest private exchanges in the world and about 1 million people own Bitcoin, the government is still looking for ways to limit cryptocurrency transactions to minimize negative impacts and speculative investments. He warned that cryptocurrencies cannot function as currency and could cause significant harm to investors.