By Rha Hae-sung
Young generations are turning their backs on the Moon Jae-in administration as the government stands firm with its cryptocurrency regulations.
The approval rating of President Moon among those in their 20s and 30s dipped by some 10 percentage points, according to RealMeter, a social research company, this week.
Of note is that the young people’s firm support started to waver after Minister of Justice Park Sang-ki announced that the government is preparing a bill to outlaw the digital currency transactions.
A worsening job market and soaring housing prices seem to be prompting young people to buy digital tokens to score a quick buck. They don’t have the financial leeway to invest in real estate but they can purchase virtual money with relatively small outlay.
When the government’s plan to bar cryptocurrency exchanges was announced, the prices of the digital currencies slumped and the outraged young investors criticized the government for awkwardly responding to new currencies based on the blockchain system. It is emerging as a core system that can be widely used in the Fourth Industrial Revolution.
“While countries such as the United States and Japan are focusing on stabilizing the crypto market, Korea is instead disturbing the market with pointless press meetings and announcements.” Kim Jun-young, a 24-year old university student who invested in the virtual money said.
“Without any legal grounds or parliamentary approval, the government has been pushing for drastic regulations such as making coin trades illegal and banning the banks from issuing virtual accounts for the exchanges.”
Earlier this week, an online petition was posted on the website of Cheong Wa Dae, saying, “The government is depriving us of our dreams and rights.” The number of such complaints topped 200,000 on the website.
Critics point out that the government’s tough regulations on crytocurrencies are mainly due to the widespread belief that unearned revenue is a speculation, a gamble, or even a crime.
“It is ironic that the outdated government has the final say on new technologies in the digital era, which is why the government is incompetent in dealing with cryptocurrencies.” People’s Party Chairman Ahn Cheol-soo said.
“The government will also have to consider voices from the cryptocurrency and blockchain industries to come up with effective regulations.”