‘Giving a Crypto to All Citizens,’ considers South Korea’s potential new president.

In the run-up to the South Korean presidential election, cryptocurrency has become a hot topic, with candidates shooting in all directions for votes.

As previously reported, governing Democratic Party nominee Lee Jae-Myung has already committed to dismantling crypto tax legislation in order to push back the implementation of a contentious 20% taxation on crypto trading earnings from January 2022 to January 2023 at the earliest. His biggest opponent, the People’s Power Party, has promised to postpone the bill as well.

However, Lee Jae-Myung has raised the stakes by claiming that his party is “seriously considering” creating a crypto asset and issuing tokens to the entire country.

Lee spoke at a “Youth Talk on Cryptoassets” event on November 11 and was quoted by MBN as saying:

“We need to create a foundation for issuing and circulating virtual assets that are recognized around the world. It is something of a revolution: It is akin to creating a new currency.”

He intimated that he would pursue a significantly more crypto-friendly stance than the current administration, stating that South Korea is pursuing “a national strategy of isolationism” when it comes to digital assets.

“Because we aren’t allowed to enter, we all go somewhere else to play.” “This is resulting in a loss of national wealth,” he explained.

However, opposition politicians reacted angrily to his statement, particularly People’s Power Party President Lee Jun-seok, who posted on social media that issuing a “Lee Jae-myung foolish non-fungible token (NFT)” would at least be “fun and have market value.”

Lee Jun-seok, irritated, said:

“Nominee Lee is ultimately stating: ‘If I take power, I will destroy the country.’”

Any attempt by the government to establish its own token, according to Lee Jun-seok, would include a “nonsensical whitepaper” and would be categorized as a “jobcoin” (Korean crypto jargon for “shitcoin”).

Meanwhile, the administration has stated that it would not budge on the tax issue and that it intends to debut in January 2022 as scheduled. It is, however, in grave danger of being undercut by its own party. According to Chosun, the party’s decision to postpone was made “unilaterally” — according to Kim Byung-wook, secretary of the National Assembly’s Political Affairs Committee.

Lee Jae-myung added that deferring the tax move by a year would bring “little but guaranteed delight” to crypto investors, but disputed that the measure was designed to sway voters.

Instead, he said that delaying the tax for a year would allow his government to better prepare for the crypto tax by “consulting experts” before rushing in unprepared.

To a radio interviewer, he said:

“The concerns of the [crypto] industry and experts should not be overlooked.” 

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