South Korean Finance Minister: Crypto threatens Fiat System

South Korea’s Finance Minister recognized crypto as a threat to the traditional fiat system.

Kim Yong-jin, South Korea’s Deputy Minister of Strategy and Finance, commented this week during a financial conference in Seoul:

“Cryptocurrencies like Bitcoinwhich led an investment and speculative bubble earlier this year, have stabilized and are leading both the authorities and investors to question the foundation of the fiat system. The central bank should consider the emergence of alternative payment methods such as cryptocurrencies as a threat to the existence of the traditional fiat system.”

 

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