South Korean Pension Fund Says It Has No Plans to Invest in Crypto – For Now
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
The South Korean state pension fund has claimed it has no plans to invest in cryptoassets for the time being, despite its recent purchases of crypto-related shares.
Per the South Korean media outlet Money Today, the National Pension Service (NPS) explained that its recent purchases of Coinbase and MicroStrategy stocks were made “automatically.”
The fund said it uses index management tools that manually track the benchmark Morgan Stanley Capital International Index (MSCI).
The fund also said it uses services that “entrust individual corporate investments to consignment management [providers].”
As such, the NPS made the buys when Coinbase and MicroStrategy stocks were “included in the relevant benchmark indices” or selected by the consignment management providers.
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Last year, the NPS’ fund managers bought $20 million worth of Coinbase shares. And in August this year, the fund invested $33.75 million in MicroStrategy shares.
“We have no intention of investing in cryptoassets. […] Cryptoassets such as Bitcoin (BTC) are not investment targets for us.”
The NPS was speaking in response to a request for comment from the lawmaker Baek Jong-heon.
Baek is a member of the ruling People Power Party and sits on the National Assembly Health and Welfare Committee.
He asked the NPS to report on the “scale and proportion” of its “indirect investment in cryptoassets.”
Coinbase is the United States’ only publicly
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