Bank of Korea chief says crypto has no intrinsic value, expects volatility

Bank of Korea Governor Lee Ju-yeol has voiced doubt over the current crypto rally, saying that the bank is progressing with an electronic money undertaking.
The official said that he anticipates more price swings on the marketplace, saying,”it’s extremely tricky to predict the price, but its price will be extremely volatile” Speaking in the National Assembly, Lee also addressed potential motives behind the new sharp crypto rally, and that led Bitcoin to develop into a $1 trillion advantage.  The BOK governor noted that a number of factors including international concerns over excessive inflation, growing institutional interest, in addition to an enormous $1.5 billion Bitcoin purchase by Elon Musk’s Tesla. “These resources saw a significant increase in the shortest amount of time,” Lee stated. “I would state institutional investors’ evaluation of using bitcoins as a hedge could be interpreted as another factor.”  “The bank is near completing our review of designs and relevant technologies seeing bank-controlled digital monies,” he explained. As previously reported, the bank issued a publication on legal problems surrounding CBDCs in ancient February.Bitcoin watched a steep correction on Feb. 22, with its price plunging from over $58,000 to below $48,000. United States Treasury Secretary Janet Yellen criticized Bitcoin in a meeting on Monday, saying that the world’s biggest cryptocurrency is”incredibly inefficient method of conducting trades.”

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