You Won’t Believe What South Korea’s FSC Nominee Said About Crypto 🤯💸

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“extreme price volatility, lack of monetary function, and no intrinsic value.” Ouch. That’s like telling Pikachu he’s not a real Pokémon. 🔥

Crypto Can’t Cut It as Money? Bold of You to Assume, Lee 👀

According to News1, Lee explained that crypto assets are just too chaotic to act like money. Apparently, they can’t hold their value or exchange hands reliably-two things money is supposed to do without throwing a tantrum. He went full professor mode, saying, “virtual assets differ from traditional financial products like deposits and securities in that they have no intrinsic value.” So, I guess my Dogecoin collection is officially worthless? Cool, cool, cool. 😅

The Crypto World Strikes Back 💥

Unsurprisingly, the crypto community didn’t take this lying down. One anonymous firm clapped back with, “Assets like Bitcoin have digital utility backed by blockchain security and transferability.” Translation: “Sir, have you even *used* blockchain?” They also pointed out how hilariously ironic it is to call crypto “valueless” when big corporations and even the U.S. are hoarding it like it’s toilet paper before a snowstorm. 📈

Oh, and if you were hoping to dip your retirement fund into the wild world of crypto, Lee has some bad news for you. He thinks risking people’s life savings on something so volatile is about as smart as betting your paycheck on a llama race. But hey, at least he admitted there are “expectations and concerns” about crypto ETFs, so maybe there’s hope for spot funds someday-if regulators stop arguing long enough to make a decision. 🐑💨

But Wait, Stablecoins Get a Gold Star 🌟

Surprise twist! Lee actually likes stablecoins. He said the FSC wants to “create opportunities for innovation while ensuring adequate safeguards.” Translation: “We’ll let you play with stablecoins, but only if you pinky-promise not to blow up the economy.” Meanwhile, eight major South Korean banks are already working on a won-backed stablecoin, which President Lee Jae-myung seems totally onboard with. Progress? Maybe. Confusing? Absolutely. 🌀

And here’s the kicker: despite all the drama, South Korea remains one of the busiest crypto markets in the world, with over 16 million people registered on exchanges-that’s more than 30% of the population. So, whether Lee likes it or not, crypto isn’t going anywhere anytime soon. Sorry, Lee. 🙃

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2025-09-01 18:55