TechFlow news, September 1 — According to The Block, Lee Woong-hyeon, nominee for chairperson of South Korea's Financial Services Commission (FSC), stated in a written response during his confirmation hearing that cryptocurrencies lack intrinsic value and cannot serve as stores of value or mediums of exchange due to their high volatility. He also expressed concerns regarding pension funds investing in crypto assets. These remarks immediately triggered strong opposition from South Korea's crypto industry, with professionals criticizing his views as regressive, especially amid growing global institutional adoption of cryptocurrencies. Notably, Lee voiced openness toward stablecoins, indicating support for South Korea's domestic stablecoin development initiative, seeking balance between innovation and regulation.
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