Jeon Yong-gi Criticizes Eun Sung-soo's Cryptocurrency Remarks as "Old-fashioned Comments Undermining Youth Decision-Making"

Jeon Yong-gi, a member of the Democratic Party of Korea, is announcing the "Democratic Party of Korea 2030 Lawmakers' Statement" at the National Assembly Communication Office in Yeouido, Seoul, on the morning of the 9th. [Image source=Yonhap News]

[Asia Economy Reporter Kim Soyoung] Jeon Yong-gi, a member of the Democratic Party of Korea, sharply criticized Financial Services Commission Chairman Eun Sung-soo's remarks regarding cryptocurrency investments by the 2030 generation, calling them "clearly condescending remarks."

On the 23rd, Jeon posted on his Facebook, "On what grounds are you judging young people’s decisions as right or wrong?" and made this criticism.

He pointed out, "The attitude of the chairman and financial authorities who view cryptocurrency as 'unacceptable virtual assets' is fundamentally wrong," adding, "If they are unacceptable, then why regulate them under the Special Financial Transactions Act and impose taxes? Is it the proper attitude of a public official to be irresponsible?swallowing when sweet and spitting out when bitter?"

He continued, "If young people are going down the wrong path, adults should tell them? This is a clear condescending remark that belittles young people's decision-making by the standards of the older generation," and criticized, "If they had understood why young people are entering financial markets such as stocks and coins in the first place, such remarks would not have been made."

He added, "Nowadays, it is not an era where young people can simply find jobs, save their salaries, get married, buy houses, and live stably. For the n-po generation who have to give up everything?dating, marriage, childbirth, career, housing?the financial market was the only hope."

He said, "Instead of understanding such a position, the voice of reprimand comes first. Then what are young people supposed to believe in or rely on?" and criticized, "If the authorities really wanted to act like adults, instead of lecturing on right or wrong, they should have focused on finding ways for young people to earn money and live, even outside the financial market."

Jeon advised, "Get out of outdated armchair discussions and listen to the stories from the field to first identify what the problems are."

Earlier, on the 22nd, Chairman Eun warned at the National Assembly’s Legislation and Judiciary Committee plenary meeting that cryptocurrency is "a currency without intrinsic value and unacceptable," and cautioned that many cryptocurrency exchanges could be shut down in September. Regarding the cryptocurrency investment craze among the 2030 generation, he said, "I don’t think we should protect people just because many are investing. If they are going down the wrong path, adults should tell them."

Following his remarks, cryptocurrency prices plummeted simultaneously.

After Chairman Eun’s comments, cryptocurrency prices sharply fell, and a petition titled "We urge Financial Services Commission Chairman Eun Sung-soo to resign voluntarily" was posted on the Blue House’s public petition board that day.