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South Korean government continues to cut anti-crypto rhetoric

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Reclining Buddha statue at Miamsa Temple in Nesan-myeon, Buye-gun, South Korea. Source: Adobe / Yeongsik Im

Hong Namki, Deputy Prime Minister of South Korea and Minister of Finance of the country, spoke about the government’s plans to create additional opportunities for young people, including in “domestic asset markets.”

Hong’s carefully crafted statement, according to Hankook Ilbo, refers to “the need to strengthen policy” and “support” “a national asset market that young people are very interested in.” The announcement marked a radical departure from much tougher rhetoric earlier in the year, when Hong urged investors to “be careful” and attacked “overheated” markets.

While he did not elaborate on what “assets” he meant, presumably on purpose, Hong talked about creating a “ladder of economic hope” for potentially “vulnerable” and disenfranchised young South Koreans, many of whom are about to change. on government in next year’s presidential election on encryption policy.

Many young South Koreans have turned to cryptocurrencies in a bear market, stating that the graduate job market is stagnating and the stock market is of little value to small-cap investors. The government has also been accused of skyrocketing property prices, making properties in many areas unaffordable for young buyers.

Hung’s “youth ladder,” said the deputy prime minister, will have three main steps, namely “employment, housing and asset accumulation.”

Young South Koreans were outraged by the government’s negotiations on stricter regulation of the cryptocurrency industry, as well as the upcoming 20% ​​fixed rate on cryptocurrencies with an annual profit of more than $ 2,100.

Opposition lawmakers happily seized the opportunity to accuse the government of mismanaging the situation, while senior officials in the ruling party sought a way to exacerbate the situation.

Hung has spoken openly about cryptocurrency regulation in the past, but his recent comments seem to suggest that he is also willing to soften his stance, adding that “domestic asset market policies that are of great interest to young people” will be subject to refinement.

Over the weekend, a senior management crisis meeting was held at the prime minister’s office, which looked at various crypto-related private member accounts that were submitted to parliament from the country.

And given that another private member’s bill on cryptocurrency is before the National Assembly, it looks like politicians will have even more bills to consider.

EDaily said that in addition to two bills introduced earlier this month, ruling Democratic MP Yang Kyung Suk, a member of the parliamentary planning and finance committee and a committee on women and family affairs, is ready to table too. new account.

Media quoted Official representative of the Korean Blockchain Association who predicted that more “similar” bills were likely to be issued, prompting lawmakers to “discuss merging” their bills “in the future.”
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