The leading candidate for the FSC in South Korea faces backlash after calling cryptocurrency worthless.

Mr. Lee Eok-won, the candidate for the Chairman of the Financial Services Commission of Korea (FSC), stated that cryptocurrencies have no intrinsic value, unlike deposits or stocks. In a written response before the hearing, he argued that the excessive price volatility prevents crypto from serving as a store of value or a medium of exchange. Lee also opposed pension funds investing in crypto due to its speculative nature but indicated he would work with lawmakers to consider the implementation of cryptocurrency ETFs.

This statement faced criticism from the industry, arguing that his viewpoint is outdated as many countries and businesses are integrating crypto into their fintech strategies. Some experts emphasize the practical value of blockchain such as security and transfer.

On the contrary, Lee expressed support for stablecoins, emphasizing the balance between innovation and safety, in line with global trends.