Regardless of Party, "Comprehensive Coin Investigation"... Also Criticized as 'Dilution'

Amid suspicions that Kim Nam-guk, a member of the Democratic Party of Korea, holds billions worth of cryptocurrency, the party is conducting its own internal investigation. Meanwhile, calls are rising across party lines for a comprehensive survey of cryptocurrency holdings by all members of the National Assembly. However, both major parties officially state that such a full investigation is 'not yet' planned. Since the consent of all lawmakers is required, it is realistically difficult to carry out, and there are also criticisms that it could be a tactic to dilute the issue.

Ryu Seong-geol, the planning and finance committee whip of the People Power Party, said on the 12th, "In the past, the National Assembly conducted a full investigation with the consent of all members regarding real estate speculation allegations," adding, "Today, I publicly demand a comprehensive survey of cryptocurrency holdings for all members of the National Assembly."

Ha Tae-kyung, also from the People Power Party, stated on his social media on the same day, "All members of the National Assembly should undergo a full cryptocurrency survey and disclose the details to the public. Only then can the trust in the National Assembly be restored."

Jang Ye-chan, the youth supreme council member of the People Power Party, said on MBC's 'Kim Jong-bae's Focus' program, "There have been many opinions within the leadership that a full investigation should be conducted," adding, "Rather than the leadership making a unilateral decision, discussions are ongoing through close exchanges with the Political Affairs Committee, but I ultimately believe it will have to lead to a full investigation."

[Image source=Yonhap News]

The opposition party is also calling for a 'full investigation.' Ko Min-jung, a supreme council member of the Democratic Party, said on social media, "Unless someone is trying to buy time for someone else, there is no reason to refuse a full investigation," adding, "The Democratic Party feels the same way. Therefore, I request that the Speaker of the National Assembly order a full investigation at the parliamentary level into any cryptocurrency omitted from asset declarations, regardless of party affiliation."

Additionally, young politicians within the party, including former supreme council members Lee Dong-hak and Park Sung-min, former emergency committee member Kwon Ji-woong, and former lawmaker Jung Eun-hye, held a press conference on the same day urging, "Conduct a full survey of virtual asset holdings by Democratic Party members of the National Assembly." They said, "Although an investigative team has been formed regarding Representative Kim, a full investigation is necessary to see if similar issues exist," and "The Democratic Party must respond more strictly and proactively to cryptocurrency controversies."

However, since the consent of all lawmakers is required for a full investigation, whether it will actually take place remains uncertain. The leadership of both parties is currently drawing a line on the issue. Lee Jae-myung, leader of the Democratic Party, responded to a reporter's question about the need for a full investigation the day before by saying, "If virtual assets are all made subject to asset declarations, all problems will be solved," while Yoon Jae-ok, floor leader of the People Power Party, said, "Resolving the suspicions about Representative Kim is the priority."

There are also criticisms that a full investigation could dilute the issue surrounding Representative Kim. Kim Woong, a member of the People Power Party, said on social media, "The responses from Representative Kim and the Democratic Party are expected to be stalling and diversion tactics," explaining, "Stalling means conducting an internal investigation by the Democratic Party rather than a prosecution investigation, and diversion means proposing a full survey of all virtual currencies held by all members of the National Assembly."

He added, "Whether all members of the National Assembly hold virtual currencies should naturally be disclosed, but at this moment, the intention seems to be to divert attention to other targets," concluding, "Therefore, for now, the focus should be on WEMIX, which Representative Kim holds."