Cryptocurrency Investor Won Hee-ryong: "100,000 Won Became 80,000 Won in Four Days... Government Neglects Citizen Protection"

Jeon Hee-ryong, Governor of Jeju Province, is giving a special lecture on blockchain at the political culture platform House in Yeouido, Seoul, on the 23rd.
[Image source=Yonhap News]

[Asia Economy Reporter Kim Soyoung] Won Heeryong, governor of Jeju and a presidential candidate from the People Power Party, said, "The government has neglected its role to protect the people," adding, "(Cryptocurrency) is not institutionally regulated, so investors have to individually check whether there are any issues. The government should filter out these (fraudulent coins and exchanges)."

On the 23rd, speaking as a lecturer at a blockchain special lecture held at the political culture platform 'House' in Yeouido, Seoul, Governor Won claimed, "The government has completely ignored the desperate frenzy of coin investors (coinlers)."

However, while acknowledging that the cryptocurrency market is indeed a 'speculative market,' he said, "It is not a matter that can be resolved simply by labeling it as speculation and cracking down on it," and criticized, "It is wrong to eradicate (transactions) like a crime sweep without creating a digital territory that utilizes blockchain. How can we talk about digital innovation while doing that?"

In particular, Governor Won also revealed his personal experience of investing in cryptocurrency and suffering losses. He said, "On Buddha’s Birthday, I bought exactly 1 million won worth. But after four days, it dropped to 800,000 won. I lost 200,000 won."

Regarding his reason for investing, he laughed it off, saying, "To experience investing and disclose it so that I can have a voice in the government in the future."

On the 20th, he posted on his Facebook, "It is known that over 5 million people have invested in cryptocurrency, but due to insufficient related laws and policies, various damages are occurring," and stated, "I invested myself to see what the problems are and whether people can trust and invest."

It was reported that on the 19th, he opened an account for cryptocurrency trading and purchased a total of 1 million won worth of various cryptocurrencies, including Bitcoin, Ethereum, Klaytn, and Something, in divided amounts.

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