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South Korean Governor Turns into the First Politician to Disclose Publicly His Cryptocurrency Holdings within the Nation

05/22/2021
South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country

Whatever the political turmoil that arose in South Korea as a result of crypto-related rules, a number one politician had come ahead to disclose that he had made investments in digital currencies publicly. Received Hee-ryong, the Governor of Jeju Island, unveiled that he invested in 4 totally different cryptocurrencies.

Wong Plans to Preserve Updating Folks through Youtube About His Crypto Holdings Standing

In line with Chosun, the politician, who’s the chief of a semiautonomous province within the nation, admitted that he purchased a complete of 1 million gained ($885) price in bitcoin (BTC), ethereum (ETH), somesing (SSX), and the Kakao-issued klay (KLAY) token. Received justified his purchases by saying that he thought, “I needed to do it.”

With such an announcement, Jeju Island governor turns into the primary politician that publicly discloses its crypto holdings in South Korea. Apparently, Received commented:

Though greater than 5 million persons are already buying and selling digital belongings, numerous damages are occurring one after one other as a consequence of insufficient associated legal guidelines and insurance policies. I’ll attempt to do it myself, talk with the general public and discover options about what the issue is and develop the sphere of digital belongings.

He praised the truth that digital forex buying and selling might be made on holidays. In reality, Wong revealed that he purchased his cryptos on Buddha’s Birthday.

Furthermore, one in all his plans relating to digital belongings is to supply updates on his holdings by way of a Youtube channel and open the door to debate “blockchain and the 4th trade with consultants.”

Particular Authorized Standing within the Island Permits ICO Tasks to Launch

The governor has been well-known within the nation for its crypto endorsement, driving him to launch initiatives throughout the semiautonomous province.

In 2018, months after he was elected, Received needed to work on an preliminary coin providing (ICO) undertaking to result in the Jeju Coin token’s launch.

Though ICOs are banned in South Korea, the island has a particular authorized standing, permitting the governor to bypass such authorized obstacles. As of press time, there aren’t any additional developments on the matter.

What do you consider the crypto holdings revealed by the South Korean politician? Tell us within the feedback part under.