South Korea's Financial Supervisory Chairman Nominee Says Cryptocurrencies Have No Intrinsic Value, But Supports Stablecoin Initiative

Lee Eok-won, the nominee for chairman of South Korea's Financial Services Commission (FSC), stated before his confirmation hearing that cryptocurrencies lack intrinsic value as a store of value or medium of payment due to their high volatility. He expressed caution about pension and retirement funds investing in crypto assets and noted that the concept of a local crypto ETF remains controversial. While Lee's comments were criticized by industry insiders as a step backward, he also supported South Korea's plans to develop a local stablecoin market.