South Korean political parties are now struggling to get younger votes amid higher government’s tough stance on digital currencies. With voters disappointed in how the parties are dealing with the issue, one of them took a step forward by talking about the upcoming crypto tax.
The Democratic Party’s expectations of cryptocurrencies
According to DailianMembers of the Democratic Party of South Korea suggested not to completely ditch the delay in crypto tax policy due to come into effect in 2022. The party, which is the ruling party in the country, considers a crypto tax “premature”.
In addition, Koh Yong Jin, the secretary of the ruling party of the National Assembly’s Strategy and Finance Committee, said they are considering ways to postpone the timing of the new financial rules for cryptocurrencies. “I’ll hear if it’s right to delay,” he said.
On the other hand, Jang Kyung-tae, chairman of the National Youth Committee of the Democratic Party, pointed out that “the most important thing is that the virtual currency is recognized by young people as the leader of wealth creation in 2030.”
Both South Korea’s finance minister and deputy prime minister at the end of April upset Once again, domestic traders who insist that cryptocurrencies are “not a monetary or financial asset.”
In South Korea, younger voters tended to favor the Democratic Party rather than the People’s Power Party, the opposition force in current politics.
The lawmakers of the power party have also accused the Democrats of defrauding teenagers with such a crypto policy. The next presidential election will take place in 2022.
South Korean people aged 20 to 39 are actively trying to remove the FSC chief
Comments came right after Eun Sung-soo, the head of the Financial Services Commission (FSC), added fuel to the fire when he was asserts that cryptocurrencies had no “intrinsic value” at all.
As Bitcoin.com News recently reported, such statements sparked a massive wave of online petitions seeking the dismissal of the chief financial watchdog.
Interestingly, two online petitions completed on the government website were signed primarily for those aged 20 to 39 years.
Earlier this year, the South Korean government published a change to introduce a 20% tax on profits from trading cryptocurrencies from buying and selling activities from 2022 onwards. However, the rule only applies to crypto holders with an annual income of over 2.5 million won (2,300 USD).
What do you think of the South Korean Democratic Party’s political maneuvers? Let us know in the comments below.
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