The South Korean government appears to be loosening its anti-crypto tone as the deputy prime minister tabled a statement that opened the doors to future open dialogue on virtual currency issues. Hong Nam-ki revealed that officials are exploring how to get young people into “domestic asset markets” and offer more options in this regard.
The economic agenda also targets stock market investments with an emphasis on youth
According to the statement released by Hankook Ilbo, Hong Nam-ki, who is also the country’s finance minister, said there was a need to “step up the political details and support efforts for the domestic asset market, where young people’s interest is high” . with reference to cryptocurrency markets.
Such words came in the wake of the government’s plans to approach three aspects of the economy, according to the deputy prime minister, including youth employment, housing and “wealth creation”.
Hong also highlighted the “high level of interest” shown by South Korean youth in a domestic market policy for digital assets. However, the media said the deputy prime minister also added stock markets to the government’s economic agenda, which is aimed at younger people.
Interestingly, the fact that Hong looked into the issue of cryptocurrency, which has become a hot potato for lawmakers, is a surprising move. In March 2021, he harshly referred to cryptocurrencies, saying it was an “overheated market” that “can be problematic”.
At the time, Hong commented:
Virtual assets and the crypto asset sectors are overheated compared to their real value.
Democratic party that wants to catch youth vote
On the contrary, the government’s rhetoric of targeting younger citizens in its economic plan is not a surprising move.
Given that national elections will be held in 2022, the Democratic Party is the ruling party. A political party now struggling to catch these voters amid the disappointment that has resulted from stricter crypto rules.
As Bitcoin.com News reported earlier this month, Koh Yong Jin, the ruling party’s secretary of the National Assembly’s Strategy and Finance Committee, stated that 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.
What do you think of the words of the South Korean Deputy Prime Minister? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.