Kim Seong-hwan "Luna Incident, What Is the Yoon Government Doing... Initial Response Regrettable"

[Asia Economy Reporter Oh Ju-yeon] Kim Seong-hwan, Chairman of the Policy Committee of the Democratic Party of Korea, criticized on the 19th regarding market instability caused by the crash of virtual currencies Terra and Luna, saying, "I want to ask what the Yoon Seok-yeol administration, which promised to create a safe investment environment and protective measures for digital assets, is doing."

[Image source=Yonhap News]

On that day, Chairman Kim said at the policy coordination meeting held at the National Assembly, "As Luna coin has crashed by more than 99%, market instability is spreading, and the 2030 generation who invested all their savings are devastated."

He then pointed out the government's initial response.

Chairman Kim criticized, "The financial authorities consistently responded with ignorance, saying there is no legal basis, but as the scale of damage grew uncontrollably, they belatedly began to grasp the issue," adding, "The government's initial response is regrettable."

He continued, "I cannot help but point out the incompetent issue response system," and added, "President Yoon Seok-yeol did not convene the NSC even during North Korea's missile provocations and instead went shopping at a department store, causing security anxiety. In the virtual asset crash incident, he did not activate the cross-ministerial response system for virtual assets established by the Moon Jae-in administration, leaving people's livelihoods unstable."

He emphasized, "There are 13 bills pending in the National Assembly's Political Affairs Committee, but the People Power Party is unilaterally refusing to review them," and said, "I hope they will actively proceed with the enactment of related laws to protect virtual asset users as soon as possible."