Seung-beom Koh, a nominee for chairman of South Korea’s Monetary Service Fee (FSC), doesn’t regard cryptocurrencies as a monetary asset. 

In a press meeting with native journalists, Seung-beom mentioned that fintech consultants from outstanding organizations such because the G20, the Worldwide Financial Fund and others “discover it tough to see digital currencies as a monetary asset, and assume they might not perform as a forex.”

Seung-beom’s feedback coincide with the continued surge in crypto buying and selling amongst younger traders, who primarily make investments looking for short-term earnings, based on The Korean Occasions. Traders additionally see cryptocurrencies as a good probability to purchase houses by countering skyrocketing property costs.

Koh additionally identified that extreme family credit score might negatively impression South Korea’s economic system. As of March 2021, the nation’s family credit score witnessed a 9.5% hike to succeed in 1,765 trillion received i.e. roughly $1.52 trillion. As a method to curb the growing family debt, Koh mentioned:

“The FSC will push forward with present anti-debt measures and give you further steps, if wanted, by mobilizing all out there coverage means.”

Associated: South Korean FSC denies plans to shut down 11 crypto exchanges

South Korean authorities have been reportedly planning to close down quite a few crypto exchanges underneath the suspicion of working fraudulent collective accounts and borrowed-name accounts.

Nonetheless, on Aug. 9, the FCS reached out to Cointelegraph to deny such claims of suspending crypto exchanges. The consultant acknowledged that the 11 exchanges in query “are required to open up and use real-name accounts for the aim of accumulating deposits.”

Simply final month, South Korean authorities warned crypto exchanges to voluntarily register with local authorities by Sep. 24 or threat going through jail time or hefty fines.