PANews reported on November 25 that according to Cryptonews, the head of South Korea’s top financial regulatory agency has “temporarily” dismissed the idea of establishing a national Bitcoin reserve. Kim Byung-hwan, chairman of the Financial Services Commission (FSC) of South Korea, made the remarks in a TV interview on November 24.
Kim Byung-hwan said that Seoul "does not need" to "hoard cryptocurrencies" as promised by US President-elect Donald Trump, and South Korea will wait for other countries to respond to Trump's cryptocurrency adoption plan before taking action; our first priority is to study how to better protect (domestic cryptocurrency) investors; the FSC does not believe that BTC and other currencies can benefit the national economy; regulators will "investigate" this wave of "cryptocurrency craze", "focus on" and "closely monitor" suspected "unfair trading" practices.
