Eonju Lee: "An Irresponsible Regime That Thinks Only About Taxation... The State Is Not a Gang Extorting Its People"

Former People Power Party lawmaker Lee Eon-ju [Image source=Yonhap News]

[Asia Economy Reporter Kim Soyoung] Former People Power Party lawmaker Lee Eon-ju fiercely criticized the government's regulatory moves on virtual currency, saying, "The state is not a gangster that extorts money from its people."

On the 3rd, Lee posted on his Facebook, "If they think about taxation first without even considering the difficulty of investor protection, isn't that extremely irresponsible?" he criticized.

He stated, "The craze for virtual currencies like Bitcoin is intense. The price of Bitcoin, a representative virtual currency, has surged, and the number of domestic investors has rapidly increased, making it difficult for the government to unilaterally deny and ignore it as before."

He continued, "Recently, Financial Services Commission Chairman Eun Sung-soo made a strong statement that the government cannot protect virtual currency investors. This attitude is very wrong," adding, "What use is it to get caught up in formal logic like whether it is legal tender or not? Many citizens are actually investing in virtual currencies, so if problems arise, it will inevitably have a huge impact on South Korea's economy immediately."

Lee said, "No matter how much the economic authorities emphasize formal logic, they cannot avoid the real damage to the national economy," and argued, "The Moon administration should rather face reality and establish practical measures."

He then questioned, "Given the nature of virtual currencies, which cannot be centrally controlled, it is difficult to guarantee exchange value or for a specific government alone to protect investors," adding, "But realistically, with so many citizens investing, can the government just stand by and watch?"

He also pointed out, "If they say they do not protect investors, then why impose taxes?" and criticized, "Since virtual currencies linked to blockchain are not legal tender and lack legal grounds, if central government investor protection is impossible, then the basis for taxation is also weak."

Lee said, "Taxation exists where there is income, but if the government wants to tax, it must first act as a fence," and added, "The state collects taxes from its people because it protects their lives and property."

He criticized, "The Moon administration seems to have a big misconception about the role and responsibility of the state," and said, "We have heard of inalienable human rights, but never of inalienable state power."

He urged, "The Moon Jae-in government should stop just seeking or exercising power and fulfill the responsibilities of power," and warned, "They need to accept the realistic substance of virtual currencies and start considering ways to protect investors."

He also emphasized again, "In the global untact era, if we cannot be the only ones to ban transactions, then they should start with responsible consideration."

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