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 South Korea’s Financial Services Commission (FSC) is taking a cautious stance on digital assets amid growing calls to establish a national Bitcoin reserve.&nbsp;
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<a style="color: #0000ff;" href="https://www.newsprime.co.kr/news/article/?no=664067" rel="noopener noreferrer nofollow">Speaking to Newsprime on November 24</a>, FSC Chairman Kim Byung-hwan described the idea of a Bitcoin reserve as “a distant story at the moment.” Kim acknowledged the proactive crypto strategies emerging in countries like the U.S. but stressed the importance of focusing on integrating South Korea’s digital asset market with its existing financial systems.&nbsp;
In July, Senator Cynthia Lummis <a style="color: #0000ff;" href="https://defi-planet.com/2024/07/senator-lummis-doubles-down-proposal-says-bitcoin-reserve-would-address-uss-rising-national-debt/" rel="noopener noreferrer nofollow">proposed</a> a bill in the U.S. Senate that aims for the U.S. government to acquire 1 million Bitcoins over five years and establish a reserve that would be maintained for at least two decades. The Senator argued that this reserve could help alleviate the country’s growing debt and also strengthen the dollar’s status as the world’s reserve currency.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/the-proposed-us-bitcoin-reserve-bill-might-be-a-disaster-in-the-making/" rel="noopener noreferrer nofollow">The Proposed US Bitcoin Reserve Bill Might Be a Disaster in the Making</a>
“We need to observe how the U.S. moves forward,” Kim said, “but right now, our priority is ensuring that digital assets and traditional finance work seamlessly together.”
While Kim noted increasing enthusiasm for cryptocurrencies, he raised concerns over their volatile nature. He pointed out that trading volumes in virtual assets have recently outpaced South Korea’s KOSPI and KOSDAQ stock market indexes, warning against the risks of unfair trading practices. Kim also emphasized redirecting capital to traditional markets, stating that the rapid price increases in virtual assets demand vigilant monitoring.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/11/south-koreas-ruling-party-pushing-for-2025-rollout-of-new-crypto-tax-rules-despite-opposition/" rel="noopener noreferrer nofollow">South Korea’s Ruling Party Pushing for 2025 Rollout of New Crypto Tax Rules Despite Opposition</a>
Globally, Bitcoin is gaining traction as a strategic reserve asset, with several nations considering its incorporation into their financial systems. Poland presidential candidate Sławomir Mentzen <a style="color: #0000ff;" href="https://defi-planet.com/2024/11/polish-presidential-candidate-pledges-to-create-a-national-bitcoin-reserve-if-elected/" rel="noopener noreferrer nofollow">pledged</a> to establish a strategic Bitcoin reserve if he wins the 2025 election. Also, bitcoin proponents in Switzerland are <a href="https://defi-planet.com/2024/04/swiss-bitcoin-advocates-renew-efforts-to-make-central-bank-include-btc-in-reserves/" rel="noopener noreferrer nofollow">pushing </a>for the Swiss National Bank (SNB) to include Bitcoin in its reserves. A campaign led by the think tank 2B4CH wants the Swiss Federal Constitution to be amended to achieve this. The campaign requires over 100,000 signatures from Swiss citizens within 18 months, a threshold that proved challenging in a previous attempt in October 2021.
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The post <a href="https://defi-planet.com/2024/11/national-bitcoin-reserve-a-distant-story-focus-remains-on-market-integration-south-koreas-fsc-chair/" rel="noopener noreferrer nofollow">National Bitcoin Reserve a ‘Distant Story,’ Focus Remains on Market Integration — South Korea’s FSC Chair</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

National Bitcoin Reserve a ‘Distant Story,’ Focus Remains on Market Integration — South Korea’s FSC Chair

DeFi Planet

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