Donald Trump

Bitcoin

Reserve

<ul class="wp-block-list">
 <li><strong>South Korea’s FSC has rejected the creation of a national Bitcoin reserve.</strong></li>
 <li><strong>Chairman Kim Byung-hwan emphasized caution and investor protection.</strong></li>
</ul>
<p>South Korea’s Financial Services Commission (FSC) has rejected <a href="https://www.newsprime.co.kr/news/article/?no=664067" target="_blank" rel="noopener noreferrer nofollow">plans</a> to create a national Bitcoin reserve. The decision comes as U.S. President-elect Donald Trump pushes pro-crypto policies. FSC Chairman Kim Byung-hwan expressed caution, prioritizing investor protection over rapid adoption.</p>
<div align="center">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4e2.png" alt="📢" class="wp-smiley" style="height: 1em; max-height: 1em;">JUST IN: SOUTH KOREA'S FINANCIAL SERVICES COMMISSION (FSC) DROPS PLANS TO ESTABLISH A BITCOIN RESERVE "FOR THE TIME BEING"</p>— BSCN Headlines (@BSCNheadlines) <a href="https://twitter.com/BSCNheadlines/status/1860976201994506429?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 25, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
<p>During a televised interview on November 24, Kim dismissed the idea of stockpiling Bitcoin, calling it “far-fetched at the moment.” He acknowledged the U.S.’s shift toward nurturing crypto but emphasized South Korea’s need for careful observation. He stated that the country must first connect digital assets to its financial system.</p>
<h3 class="wp-block-heading" id="h-economic-priorities-over-bitcoin"><strong>Economic Priorities Over Bitcoin</strong></h3>
<p>Kim highlighted the importance of traditional markets like KOSPI and KOSDAQ. He noted that stock investments create a positive cycle for the economy. In contrast, the <a href="https://x.com/FSC_Korea" target="_blank" rel="noopener noreferrer nofollow">FSC</a> remains uncertain about Bitcoin’s economic benefits. Crypto trading volumes have recently surpassed stock trading, raising concerns about volatility.</p>
<p>“We need funds flowing into the stock market,”&nbsp;</p>
<p>Kim said, stressing the need to monitor the rapid rise in virtual asset prices. The FSC will focus on combating unfair trading practices in the crypto sector.</p>
<p>Kim explained that South Korea is not dismissing <a href="https://thenewscrypto.com/metaplanet-brings-bitcoin-magazine-to-japan-to-promote-bitcoin-adoption/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> entirely. Instead, the country will wait to see how U.S. policies shape global crypto regulations. Trump’s administration plans to adopt a Bitcoin Strategic Reserve Act, which could influence South Korea’s stance.</p>
<p>The FSC chief admitted that the volatile nature of digital assets remains a concern. South Korea enacted the Virtual Asset Protection Act in July 2024. This legislation focuses on regulating and protecting crypto investors, laying the groundwork for future policies.<br><br><strong>Highlighted Crypto News Today<br></strong><a href="https://thenewscrypto.com/avalanche-hits-7-month-high-above-45-amid-november-bull-run/" target="_blank" rel="noopener noreferrer nofollow">Avalanche Hits 7-Month High Above $45 Amid November Bull Run</a></p>

South Korea’s FSC Dismisses National Bitcoin Reserve Proposal

Table of Contents

TheNewsCrypto

Other articles published on Nov 25, 2024

tetadex Simplifies Onchain Futures Trading, Powered by StarkWare (25 Nov)

Crypto On-Ramps and Off-Ramps: Unlock the Crypto Highway

BitcoinCash Weekly News November 25th 2024 by the BCHF $BCH

Anime Token

Comprehensive Guide to AI Video and AI Voice Tools

14 Altcoins Listed Across Major Exchanges: Prices Surge

Join our free newsletter for daily crypto updates!