Lee Jae-myung "Cryptocurrency Taxation Should Be Postponed for One Year"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, Governor of Gyeonggi Province, expressed the opinion that the taxation of virtual currencies, which is set to be implemented from next year, should be postponed by one year.

Governor Lee stated in an interview with Korea Economic Daily on the 30th, "It is right to institutionalize and tax the virtual currency market, but it is necessary to align the timing with 2023, when taxation on stock capital gains begins." He added, "Cryptocurrency prices are plummeting, and I wonder if it is necessary to cause young people to feel a sense of loss or unfairness just because of one year."

His number one economic pledge is 'Fair Growth.' He explained that it is necessary to create new opportunities and enhance growth potential through the restoration of fairness and fair allocation of resources. Governor Lee said, "If the market is unfair or irrational, efficiency decreases, so establishing an order of fair competition is the most important. I believe that for our economy to grow again, resource allocation must be as efficient as possible, and distribution and growth are no longer conflicting concepts."

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