South Korea in the cryptocurrency trap: While the USA hoarded Bitcoin strategically, the government remains idle

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Südkorea und Bitcoin: Ein Wettlauf gegen die Zeit Südkorea steht vor der Herausforderung, ins Hintertreffen zu geraten, während die Vereinigten Staaten Bitcoin als strategische Finanzposition horten. Der ehemalige stellvertretende Minister für Strategie und Finanzen, Ahn Do-geol, schlägt Alarm und warnt, dass das Land bei der Einführung von digitalen Vermögenswerten, insbesondere Bitcoin, nicht nur Zuschauer sein sollte. Die US-amerikanische Vorreiterrolle Ahn betont, dass die USA schneller Fortschritte gemacht haben und begonnen haben, Bitcoin als Teil ihrer Finanzstrategie zu horten. Im Gegensatz dazu zeigt sich die südkoreanische Regierung in ihrer Haltung zu digitalen Währungen geteilter Meinung. Ahn forderte die südkoreanische Regierung auf, …
South Korea and Bitcoin: A race against the time of South Korea faces the challenge of falling behind, while the United States hoard Bitcoin as a strategic financial position. The former deputy minister of strategy and finance, Ahn Do-Geol, raises the alarm and warns that the country should not only be a spectator in the introduction of digital assets, especially Bitcoin. The US pioneering role Ahn emphasizes that the United States has made progress faster and started to hoard Bitcoin as part of its financial strategy. In contrast, the South Korean government is evident in its attitude towards digital currencies. Ahn asked the South Korean government ... (Symbolbild/KNAT)

South Korea and Bitcoin: A race against the time

South Korea faces the challenge of falling behind, while the United States hoard Bitcoin as a strategic financial position. The former deputy minister of strategy and finance, Ahn Do-Geol, raises the alarm and warns that the country should not only be a spectator in the introduction of digital assets, especially Bitcoin.

The US pioneering role

Ahn emphasizes that the USA has made progress faster and have started to hoard Bitcoin as part of its financial strategy. In contrast, the South Korean government is evident in its attitude towards digital currencies. Ahn asked the South Korean government to consider Bitcoin as an alternative foreign exchange reserve. In view of the steps that other countries take to use Bitcoin as a strategic reserve, this requirement does not appear to be indocated.

The possibility that the traditional exchange rate will falter or inflation devalues ​​the Fiat currency, Bitcoin could focus on as a digital “emergency reserve”. While some countries take proactive steps, South Korea remains cautious.

time pressure for South Korea

The Bank of Korea (BOK) represents conservative principles and is concerned about the high price volatility of Bitcoin that can cause problems. The BOK argues that Bitcoin does not correspond to the standards set by the International Monetary Fund (IMF) and is therefore not suitable as a means of payment.

In contrast, the Financial Service Commission (FSC) shows a more open attitude. It considers the development of a regulatory framework for cryptocurrencies to be urgently necessary. Even if there is still no agreement on Bitcoin as a reserve, the awareness that cryptocurrencies can no longer be viewed as a temporary trend.

political conflicts and civil engagement

While Ahn is demanding a new policy, the Financial Intelligence Unit (FIU) moves in the opposite direction. It has started to sanction foreign stock exchanges that are not officially registered in South Korea. These sanctions range from formal warnings to access bans on the websites of these stock exchanges within South Korea.

Despite these regulatory tensions, the Korean citizens show great interest in cryptocurrencies. There are currently more than 9.6 million crypto investors in South Korea, with the number increased by more than 50 % compared to the previous year. Surprisingly, one of four crypto investors comes from the 50-year-old age group and older, many of them hold significant portfolio values.

FAZIT

South Korea is at a crucial point in the debate about the integration of Bitcoin and other cryptocurrencies into the financial structure of the country. The global developments, in particular progress from the USA, put the pressure on the South Korean government to take faster and more binding measures to adapt to this changing financial market. With over 9.6 million crypto investors, interest in the population is clearly available, which underlines the need for a clear regulatory framework and a future-oriented policy.