Kwangjae Lee: "I Have No Intention to Avoid When Historical Responsibility Comes"

Published 26 Apr.2021 10:41(KST)

"Virtual Currency, a Tangible Entity... Needs Institutionalization to Reduce Risks"

Lee Kwang-jae, Member of the Democratic Party of Korea./Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] Lee Kwang-jae, a member of the Democratic Party of Korea, said regarding the presidential election, "If a historical responsibility comes, I have no intention of avoiding it."

On the 26th, Lee appeared on CBS Radio's 'Kim Hyun-jung's News Show' and said, "I continuously reflect on whether I fit the spirit of the times and whether I have the ability to handle this task. However, seeing the defeat in this election, I think more deeply, prepare more, and prepare for the future," adding, "Ultimately, if some historical responsibility comes, I have no intention of avoiding it."

He added, "When it is time to make a decision, I will make a decision. For now, it is my duty to focus more on creating something powerful that can turn the despair of young people into hope."

Regarding Financial Services Commission Chairman Eun Sung-soo's negative remarks about virtual currency, he said, "They say it has no asset value, but if they say they will collect taxes, isn't that somewhat difficult to accept?" He added, "We need to reduce risks and open up the future; it's time to evolve together."

He continued, "In 2017, JP Morgan said virtual currency was a scam, but now they have developed their own coin. The U.S. Office of the Comptroller of the Currency has also allowed banks to custody crypto assets. In Singapore, the central bank operates an exchange and institutionalizes licenses for issuing tokens," he explained.

This is an argument for institutional transparency. Lee said, "If protection is to be provided, institutionalization is necessary. While the U.S. and advanced countries are all changing, the fact that we are not changing is rather the problem."

Lee said, "There are about 20,000 coins, many of which have no substance," and added, "For each currency, we need to disclose whether it has value or not, eliminate illegal forces, and continuously provide information."