currency

The chairman of the Korea Exchange calls for the institutionalization of cryptocurrency to seize international competitive advantages

ChainCatcher news, according to the Daily Economic News, the chairman of the Korea Exchange (KRX), Jeong Eun-bo, stated that South Korea should quickly incorporate cryptocurrencies into the financial system to overcome regulatory barriers and maintain international competitiveness. He pointed out that since Donald Trump was elected President of the United States, the daily trading volume of the South Korean crypto market has exceeded 20 trillion won (approximately 14 billion USD) compared to the domestic stock market.At the recent World Federation of Exchanges (WFE) summit, Jeong Eun-bo emphasized that ignoring the virtual currency market would affect the profitability of exchanges. He also criticized the current attitude of viewing virtual currencies as speculative assets, warning that this could lead to South Korea falling behind in international competition. Despite the rapid growth of the crypto market in South Korea, there are currently no crypto companies listed on the KRX, and businesses are unable to purchase cryptocurrencies on their balance sheets, while regulators have not yet approved the launch of a Bitcoin spot ETF. He urged South Korea to seize the opportunity to institutionalize the cryptocurrency market to create new value and enhance international competitiveness.
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