It seems that the ruling Democratic Party candidate Lee-Jae-myung not only wants to get rid of the crypto tax but also wants to go further as the future president wants to give crypto to all citizens.
The future new president of South Korea Lee Jae-myung gives crypto to all citizens
As previously reported, the ruling Democratic Party candidate Lee Jae-myung has pledged to abandon the crypto tax bill in order to delay the introduction of the controversial 20% tax on crypto trading profits. January 2022 until 2023 at the earliest. Its main opponent of popular power, the party has also promised to postpone the law.
But now Lee Jae-myung has upped the ante – by suggesting that his party “seriously consider the concept” of creating a nationwide cryptocurrency and token distribution system.
On November 11th, Lee attended a Youth Talk About Cryptocurrency event where MBN quoted him as saying:
“We need to create a platform to issue and distribute recognized virtual assets around the world. It’s like a revolution: it’s like creating a new currency. “
He suggested going for a much more crypto-friendly approach than the incumbent government, stating that South Korea is implementing a “national policy of isolationism” when it comes to digital assets.
“We weren’t allowed in so we all went somewhere else to play. That causes the flow of national wealth. “ he said.
Lee Jae-myung generated a lot of reactions
But Myung’s statement sparked outrage from opposition lawmakers – especially Popular Power Chairman Lee Jun-seok, who wrote on social media that it was better to get a “non-fungible nonsense token (NFT) from Lee Jae-myung” to develop – like z tokens would at least be “interesting and have market value”.
Lee Jun-seok added that any attempt by the government to create its own token would include a “nonsense whitepaper” and would eventually be classified as a “jobcoin”. Han means “Shitcoin”).
On the tax issue, meanwhile, the government insists it will not back down on the matter and plans to continue the launch in January 2022 as planned. However, it runs the risk of being sabotaged by its own party. Chosun said the party’s decision was “unilateral,” according to Kim Byung-wook, secretary of the National Assembly’s Political Affairs Committee.
Lee Jae-myung added that a year-long delay in enforcing tax laws will “bring little joy to crypto investors.” However, rejecting politics is a step that garners votes.
Instead, he claims that a one-year delay will allow his government to better prepare for a crypto tax by “consulting experts” before they rush.
He told a radio interviewer:
“The concerns of the crypto industry and professionals should not be ignored.”
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