"Resign Eun Seong-su" Angry Youth... Underlying Generational Conflict Over the 'Class Ladder'

Eun Chairman "Recklessly Jumping into Cryptocurrency Is Not the Right Path"
"Old-fashioned Remarks", "Double Standards" Youth Anger
"Who Pushed Korean Youths onto This Path?" Cheong Petition Nears 140,000 Agreements
Youth Unemployment Rate 10%, 2.4 Million Giving Up Job Search
Turning to Cryptocurrency for 'Quick Riches'... Anxiety Over Losing 'Social Mobility Ladder'

Eun Sung-soo, Chairman of the Financial Services Commission / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] Voices from the 2030 youth generation calling for the voluntary resignation of Eun Seong-su, Chairman of the Financial Services Commission, are growing louder. They strongly oppose Eun's earlier remarks that cryptocurrency investors are "not subjects for government protection," arguing that the older generation is depriving young people of investment opportunities.

Unlike traditional financial investments such as real estate and stocks, the 2030 youth generation is highly interested in cryptocurrencies. Treating cryptocurrencies as mere speculative tools is criticized as a "boomer mindset." The controversy surrounding cryptocurrencies has revealed a rift between the 2030 and 4050 generations.

◆"Adults should say when something is wrong" ? Eun Chairman's remarks ignite 2030 anger

The youth's "collective backlash" was triggered by Eun Chairman's remarks on the 22nd. Eun appeared at the National Assembly's Political Affairs Committee plenary session and responded to lawmakers' questions about investor protection measures amid the cryptocurrency craze by saying, "The currently operating cryptocurrency exchanges could all suddenly shut down in September."

Eun explained, "Among the more than 200 cryptocurrency exchanges currently operating, none have completed registration under the 'Special Financial Transactions Information Act' (Special Act on Reporting and Using Specified Financial Transaction Information). If they fail to register, they could suddenly close in September, so we are issuing weekly warnings through the media about the risks."

On the morning of the 23rd, the Bitcoin price was displayed on the monitor at Bithumb Gangnam Customer Center in Seoul. At this exchange, the price of Bitcoin dropped to 57.9 million won around 7:54 a.m. that day. / Photo by Yonhap News

Eun pointed out that cryptocurrency investors cannot strictly be considered "investors." He said, "If you call them 'investors,' naturally the concept of 'protection' follows. Cryptocurrencies are not securities issued under the Capital Markets Act or related laws, and their substance is ambiguous, so the government is not obligated to protect everyone who invests in such assets." This means that since cryptocurrencies are not financial assets defined by current law, investors are unlikely to receive government protection even if they suffer losses.

He added, "I don't think recklessly jumping into assets that fluctuate 20% daily is the right path," and criticized, "If young people are going down the wrong path, adults should tell them it's wrong."

◆"Adults grew assets through real estate speculation" ? Blue House petition

Some young people expressed anger at Eun's remarks. They felt their investment medium, cryptocurrencies, was disparaged as mere speculation, and that the comments were a scolding implying they were on the "wrong path."

On the 23rd, a day after Eun's remarks, a petition titled "We urge Chairman Eun to voluntarily resign" was posted on the Blue House's public petition board. The petitioner, identifying as a person in their 30s, targeted Eun, saying, "You said adults should teach when someone is on the wrong path, right? Why have the youth of Korea been pushed into this position? Think carefully about who created this wrong path now."

A petitioner criticized Chairman Eun on the Blue House National Petition Board, saying, "Think quietly about who created the wrong path now." / Photo by National Petition Board capture

They continued, "Reflecting on what I have learned from adults throughout my social life, what I learned from the 4050 senior generation is hypocrisy. The common trait of adults who ruin Korea is their attitude of trying to teach those younger than them."

The petitioner claimed that the older generation, including Eun, accumulated assets easily during the past real estate boom, stating, "They easily grew their wealth through real estate, but now they call cryptocurrencies speculation and impose various regulations to prevent the 2030 generation from even having a chance."

They sarcastically criticized, "Adults grew assets through real estate speculation but say cryptocurrencies are speculation and should be stopped. Is it okay for housing, which is essential for people's survival, to be a speculative target, but inappropriate for coins? Truly, there is much to learn from adults." As of the afternoon of the 27th, this petition was approaching 140,000 signatures.

◆Behind youth anger lies anxiety over loss of 'social mobility ladder'

Currently, most new investors entering the cryptocurrency market are from the 2030 generation. According to data from the first quarter (January to March) on investors at Korea's four major cryptocurrency exchanges (Bithumb, Upbit, Korbit, Coinone), among 2,495,289 newly opened real-name accounts, those in their 20s and 30s accounted for 32.7% (816,039) and 30.8% (768,775), respectively. In other words, six out of ten new cryptocurrency investors are from the 2030 generation.

Cryptocurrencies are treated as high-risk assets with large price fluctuations. Nevertheless, the youth's steady interest in cryptocurrencies is seen as viewing them as a last chance to climb the social mobility ladder.

Due to the impact of the COVID-19 pandemic, the youth unemployment rate (as of last month) reached 10%. Additionally, the "economically inactive population," referring to those who have lost the will to seek employment, increased by 3% year-on-year to 2,436,000.

The youth have suffered significant blows in the job market, and hopes of finding quality jobs are fading. This is why young people are turning their attention to cryptocurrencies like Bitcoin as a chance for a "big windfall" rather than accumulating wealth through labor income.

In this context, Eun's "wrong path" remark poured fuel on the suppressed anger of the youth. Some young cryptocurrency investors expressed their discomfort.

A (29) who has been investing in cryptocurrencies such as Bitcoin and Ripple for about two years said, "I also think investing blindly in cryptocurrencies is very risky, and I always advise my friends to be cautious," but added, "'Right path,' 'wrong path' remarks were hasty statements both as a senior official and as an adult. If this isn't 'kkondae' (boomer attitude), then what is?"

B, a 30-something office worker interested in cryptocurrency investment, said, "They say cryptocurrencies are no different from speculation, but then what about government and ruling party officials and public servants who easily made money through real estate speculation? It's typical hypocrisy."

A woman looking at job listings. / Photo by Yonhap News

As youth anger grows, both ruling and opposition parties have called for understanding the feelings of young people who have no choice but to rely on high-risk investments and have urged protection and legalization of cryptocurrency investors.

Jeon Yong-gi, a Democratic Party lawmaker, wrote on Facebook on the 23rd, "I express regret over Chairman Eun Seong-su's remarks at the National Assembly Political Affairs Committee meeting. I apologize to the youth hurt by his careless remarks," and criticized, "(Eun's remarks) are clear 'kkondae' comments that belittle young people's decision-making from the perspective of the older generation."

He added, "If they understood why young people are entering financial markets like stocks and coins, such remarks would not have been made."

Oh Young-hwan, a Democratic Party emergency committee member, said at the party's emergency meeting on the 26th, "The Democratic Party will deeply understand why many people, including the 2030 youth, have invested in virtual assets," and urged, "Rather than increasing investor anxiety with warning messages like exchange closures, we must secure transparency and transaction stability of virtual assets to protect investors and quickly prepare measures to block illegal activities such as asset concealment and price manipulation."

The People Power Party announced it would conduct research to prepare legal measures for cryptocurrency investment.

Joo Ho-young, acting leader and floor leader of the People Power Party, said at the emergency meeting that a cryptocurrency task force (TF) would be established to study taxation and related systems for cryptocurrencies, emphasizing, "Instead of just threatening to tax cryptocurrency income at lottery-winning levels and close exchanges, we need to discuss with experts whether to institutionalize cryptocurrencies and how to protect investors."

This content was produced with the assistance of AI translation services.