South Korea’s Financial Services Commission Temporarily Rejects Discussion of Establishing National Bitcoin Reserve

The head of South Korea's top financial regulator has "temporarily" dismissed discussions about establishing a national Bitcoin reserve. Kim Byung-hwan, chairman of the Financial Services Commission (FSC) of South Korea, said in a television interview on November 24 that Seoul "does not need" to "hoard cryptocurrencies" as promised by US President-elect Trump, and that South Korea will wait for other countries to react to Trump's cryptocurrency adoption plan before taking action. "How much we will cultivate (the crypto industry) in the future will ultimately be a matter of judgment. It will depend on whether the positions of other countries will change due to the policies of the US government." He added that "domestic conditions" will also affect the regulator's thinking, "Our first priority is to study how best to further protect (domestic cryptocurrency) investors. The idea of ​​holding (Bitcoin) as a reserve asset is something we must spend some time studying." He also said that the FSC does not believe that BTC and other cryptocurrencies can bring benefits to the national economy. (Cryptonews)