South Korea FSC Nominee Lee Eok-won Expresses Skepticism on Crypto Amid Rising Adoption

Lee Eok-won, South Korea's nominee to chair the Financial Services Commission (FSC), has sparked controversy with his skeptical stance on cryptocurrencies. In written responses ahead of his confirmation hearing, Lee argued that digital assets lack intrinsic value due to extreme volatility, preventing them from functioning as money. "Crypto has extreme price volatility, lacks monetary function, and has no intrinsic value," he stated, drawing sharp criticism from industry participants.

Lee's remarks come at a time when crypto adoption in South Korea has surged, with over 16 million citizens trading digital assets. He specifically opposed using pension funds for crypto investments, citing speculative risks. However, he cautiously endorsed the country's stablecoin development plans, acknowledging their potential role in the financial ecosystem.

Local industry figures have expressed frustration with Lee's position, arguing it overlooks the transformative potential of blockchain technology. The debate highlights the tension between regulatory caution and innovation in one of Asia's most active crypto markets.