{"id":8569,"date":"2021-08-25T12:00:48","date_gmt":"2021-08-25T11:00:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8569"},"modified":"2021-08-25T12:00:48","modified_gmt":"2021-08-25T11:00:48","slug":"korean-fsc-chief-candidate-does-not-see-cryptocurrencies-as-financial-assets","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/korean-fsc-chief-candidate-does-not-see-cryptocurrencies-as-financial-assets\/","title":{"rendered":"Korean FSC chief candidate does not see cryptocurrencies as financial assets"},"content":{"rendered":"\n
Cryptocurrencies are not considered financial assets by Seung-beom Koh, a candidate for chairman<\/a> of the FSC. He also said that fintech experts across the globe \u201cfind it difficult to see virtual currencies as a financial asset.”<\/h5>\n\n\n\n
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Fintech specialists from significant organizations such as the G20, the International Monetary Fund, and others “find it difficult to understand virtual currencies as a financial asset,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and believe they could not function as a currency,” Seung-beom stated in a news conference with local journalists.<\/p>\n\n\n\n

According to The Korean Times, Seung-views beom's correlate with the continued rise in crypto trading among young investors, who typically invest for short-term gains.<\/p>\n\n\n\n

Cryptocurrencies are also seen by investors as a legitimate way to buy a home while avoiding increasing property costs.<\/p>\n\n\n\n

Excessive household credit, according to Koh, could have a negative influence on South Korea's economy. The country's household credit<\/a> increased by 9.5 percent in March 2021, reaching 1,765 trillion won (about $1.52 trillion). Koh suggested the following as a way to reduce rising household debt:<\/p>\n\n\n\n

\u201cThe FSC will push ahead with existing anti-debt measures and come up with additional steps, if needed, by mobilizing all available policy means.\u201d<\/p><\/blockquote>\n\n\n\n

Authorities in South Korea apparently planned to shut down a number of cryptocurrency exchanges on suspicion of operating bogus group accounts and borrowed-name accounts.<\/p>\n\n\n\n

The FCS, on the other hand, disputed that crypto exchanges had been suspended. The 11 exchanges in question, according to the spokesman, “are required to open and use real-name accounts<\/a> for the purpose of collecting deposits.”<\/p>\n\n\n\n

South Korean authorities warned crypto exchanges last month that failing to register voluntarily with local authorities by September 24 could result in jail time or substantial fines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies are not considered financial assets by Seung-beom Koh, a candidate for chairman of the FSC. He also said that fintech experts across the globe \u201cfind it difficult to see virtual currencies as a financial asset.” Fintech specialists from significant organizations such as the G20, the International Monetary Fund, and others “find it difficult to […]<\/p>\n","protected":false},"author":12,"featured_media":8577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[132,4011,1888,1315],"class_list":["post-8569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","tag-crypto","tag-financial-assets","tag-fsc","tag-korean"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/image-239.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8569"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8569\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8577"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}