With regard to the issue of’cryptocurrency’, the Democratic Party has raised the voice of criticism toward the government, while the Democratic Party is raising the voice of criticism toward the government, including the financial committee chairman Eun Seong-soo, and the power of the people.
On the 26th, the opposition parties are again directing the so-called’losing cows and fixing the barn’ in the process of dealing with the’Public Officials Conflict of Interest Prevention Act’ in the’cryptocurrency’ issue.
The Conflict of Interest Prevention Act was initiated in 2013, but discussions have been sluggish due to the passive attitude of the opposition parties. This year, the Korea Land and Housing Corporation (LH) executives and employees were suspicious of speculation on land in a new city. The law is scheduled to be handled at the plenary session on the 29th after eight years of the bill’s initiative.
It is an opinion that the cryptocurrency issue is no different. It was around the end of 2017 that cryptocurrency first attracted attention in Korea. Bitcoin, the representative price of cryptocurrency, was around 1 million won per coin at the beginning of the same year, but it traded at around 20 million won, a 20-fold increase in one year.
In this situation, investors plunged into buying cryptocurrency, and as the trading market overheated, people who suffered enormous damage were one after another. It was a time when the government’s position was not established because the concept of cryptocurrency was unfamiliar.
At this time, the remarks of the then Minister of Justice Park Sang-sang aroused controversy. It is the so-called’Park Sang-hee’s Nan’ in January 2018. “Cryptocurrency trading is actually a speculative gambling,” he said. “We are preparing a bill banning cryptocurrency trading, and we are considering closing the exchange.” In a word from former Minister Park, the value of cryptocurrency plummeted and the market fell into chaos.
The government subsequently calmed down speculation and announced a countermeasure focused on fostering blockchain technology.
Three years have passed since then, but the situation is not different. As the price per bitcoin surged and traded at around 60 million won, the market overheated again, but the government and politicians are in a hurry to find a partner to take over responsibility.
Finance Commissioner Eun Seong-soo said at the Political Affairs Committee general meeting held at the National Assembly on the 22nd, “I don’t think it’s the right way to jump into assets that fluctuate by 20% a day.” He made a remark as if he was’discussing’ the late investors.
Then, on the Blue House National Petition Bulletin, an article urging Chairman Eun to resign. As of 1:30 pm that day, 129,000 people agreed to the article.
The Democratic Party is surrounded by a lot of embarrassment. This is because Chairman Eun’s remarks in cryptocurrency can be fueled by the public sentiment of 2030 youths confirmed in the last 4/7 re-election.
The Democratic Party was targeting Chairman Eun Eun while struggling over the countermeasures. Rep. Noh Woong-rae said, “I do not intend to use virtual currency as a food, but to degrade and regulate it only as a means of speculation is the protection of the vested interests of the existing financial sector, and it will be said that it is the 21st century version of the seclusion policy.”
Rep. Park Yong-jin also said, “Chairman Eun, the head of the financial authorities, says that cryptocurrency cannot be recognized and the government cannot protect investors. It is a typical bureaucratic attitude to teach the people without doing anything to do, and an old perception that does not know the world. “I said.
The opposition party targeted the government and the ruling party. “The government and the ruling party are not able to catch up with the cryptocurrency issue,” said Joo Ho-young, representative of the power of the people. “We have not decided whether to recognize it as an asset, let alone policy,” he said.
Rep. Kwon Eun-hee said, “We are dealing more incompetently than Turkey or India, which illegalizes and bans cryptocurrency transactions and holdings altogether.”
Although they are keen to criticize the other party, the political circles are not entitled to criticism, as both parties have not moved much since’Park Sang-Hee’s Difficulty’.
In particular, there is a greater voice of criticism in that the taxation of cryptocurrency that the opposition parties criticize with one voice is a bill that they have handled.
In December of last year, the National Assembly passed a’tax law amendment bill’ that classified virtual assets such as bitcoin as other income and imposes income tax from 2022. Accordingly, from January next year, a 20% tax should be paid on the excess of 2.5 million won in income earned from virtual assets.
An official in the cryptocurrency industry said, “After passing the tax law amendment without much discussion, it is a politician who is busy blaming others as the cryptocurrency problem grows.” said.
The opposition parties are now busy preparing countermeasures. A wide range of opinions are emerging, from the claim to postpone the imposition of income tax, to the establishment of a dedicated organization and measures to protect victims and investors.
“The cryptocurrency issue is a very difficult issue,” said a lawmaker in the currency.
