Regardless of the political turmoil caused by encryption-related laws and regulations in South Korea, a leading politician has stepped forward and revealed that he has publicly invested in virtual currencies. Won Hee-ryong, Governor of Jeju Island, revealed that he invested in four different cryptocurrencies.
Wong plans to continue to update people’s information about his cryptocurrency holdings through Youtube
According to Chosun, a North Korean politician, he is the leader of a semi-autonomous province in the country. He admitted that he bought Bitcoin (BTC), Ethereum (ETH), and somesing (SSX) totaling 1 million won (885 U.S. dollars). ) And the klay (KLAY) token issued by Kakao. Won said that he thought “I have to do this” to justify his purchase.
With such an announcement, the Governor of Jeju Island became the first politician to publicly disclose his crypto assets in South Korea. Interestingly, Won commented:
Although more than 5 million people are trading virtual assets, due to insufficient relevant laws and policies, various damages continue to appear. I will try to do it myself, communicate with the public, and find out where the problem lies and how to develop alternatives in the field of virtual assets.
He praised the fact that virtual currency transactions can be conducted during the holidays. In fact, Wong revealed that he bought his cryptocurrency on the Buddha’s birthday.
In addition, one of his plans for digital assets is to provide the latest information on the assets he holds through Youtube channels, and open the door for discussing blockchain and the fourth industry with “experts.”
Special legal status on the island allows ICO projects to start
The governor is widely known in the country for his cryptocurrency endorsement, prompting him to initiate projects in the semi-autonomous province.
In 2018, months after he was elected, Won wanted to work on an initial coin offering (ICO) project to lead to the Jeju Coin token’s launch.
Although South Korea prohibits the use of ICOs, the island has a special legal status that allows the governor to circumvent such legal barriers. As of press time, there is no further development on this matter.
What do you think of the cryptocurrency holdings revealed by South Korean politicians? Let us know in the comments section below.
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