crypto is not a financial asset : Seung-beom Koh

A nominee for chairman of South Korea’s Financial Service Commission (FSC) considered crypto as a non- financial asset. 

Even with lots of volatility in the crypto market, adoption as a trading market for crypto is not stopping in any way. And it is getting huge popularity day by day. And also the government of S. Korea is ready to adopt the crypto market under a certain framework but still there are many personalities of Korea, which don’t think crypto as a significant thing in terms of financial assets.

Related: Korea Will Ban All Crypto Exchanges Which Are Running Without Permission

In a press meeting with a journalist of Korea, The nominee for chairman of South Korea’s Financial Service Commission (Seung-beom Koh), said that under the research of organizations like G20, IMF & few others, crypto assets can’t be considered as financial assets. 

“find it difficult to see virtual currencies as a financial asset, and think they could not function as a currency”

In actuality, Seung-beom took the reference of a report of The Korea Times. According to a Korean Times report, most of the adults are eager to getinto crypto for short term profit and also they think that crypto is a fair chance to make money to buy a house. 

Koh also added that such kind of activities which is increasing the inclination of adults towards crypto, will endup in the negative result for the economy. So to increase the household debt, Koh stated 

“The FSC will push ahead with existing anti-debt measures and come up with additional steps, if needed, by mobilizing all available policy means.”

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