Kwon Young-se, on Virtual Currency Taxation: "Sucking the Lifeblood of 2030... Present Fundamental Policies"

Kwon Young-se, Member of the People Power Party [Image source=Yonhap News]

[Asia Economy Reporter Kim Choyoung] As the government hinted at implementing taxation on virtual currencies starting next year, Kwon Young-se, a member of the People Power Party, sharply criticized on the 28th, saying, "I hope the administration honestly admits that it is desperate to collect taxes."

On the same day, Kwon wrote on his Facebook, "It is said that 6 out of 10 new virtual currency investors this year are in their 20s and 30s," adding, "Young people, for whom even the dream of owning a home has become a luxury, are being driven to virtual currencies, but the government neither recognizes these as assets nor can protect them, yet insists on imposing taxes."

He continued, "This administration threatened to shut down virtual currency exchanges three years ago and then remained quiet for a while, but now it lectures young people and says it will impose taxes," questioning, "Before scolding and lecturing young people, have they seriously considered the reasons why they had no choice but to choose virtual currencies or the institutional protective measures for virtual currency investments?"

He emphasized, "Collecting taxes without institutionalization or protective measures is like sucking the lifeblood out of the 20s and 30s generation," and urged, "I hope they immediately stop taxation and promptly present fundamental policies regarding virtual currencies."

Earlier, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, announced the plan to start taxing virtual currencies from next year. The government plans to impose a 20% tax on income from virtual currency investments starting January next year.

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