South Korean National Pension Fund invested 2.6 billion in Korbit, Upbit and Bithumb Exchanges
While South Korean authorities are constantly looking into the cryptocurrency market and searching for possibilities to regulate it, it seems that the South Korean National Pension Fund is actually a supporter of this market.
The South Korean National Pension Fund indirectly invested billions in digital currency exchanges
Reportedly, the pension fund has invested billions of won in exchanges that operate cryptocurrencies, including Korbit, Upbit and Bithumb. Local media reported that the national pension fund has invested no less than 2.6 billion won on this market.
The National Pension Fund of South Korea is the third-largest pension fund in the country. The pension fund's venture capital funds have invested in the operators of Upbit, Coinplug, Korbit and Bithumb.
The fact that the National Pension Fund has made such an investment decision is quite interesting, as South Korean authorities have been putting a lot of efforts lately into regulating the market. At one point, the Ministry of Justice even drafted a bill to ban cryptocurrency trading.
Governmental action has also been focused on discouraging investors from investing in cryptocurrency exchanges. Out of the total of 700 investments funds in the country, only 28 have decided to invest in cryptocurrency exchange operators. Even in this situation, the Ministry of Strategy and Finance has reportedly claimed that the investments were "inappropriate".
The South Korean National Pension Fund reportedly stated that fund managers are the ones who decide on investment options and they have the exclusive right to do so.