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South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country Skip to main content

South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country

South Korean Governor Becomes the First Politician to Disclose Publicly His Cryptocurrency Holdings in the Country

Regardless of the political turmoil that arose in South Korea due to the crypto-related regulations, a leading politician had come forward to reveal that he had made investments in virtual currencies publicly. Won Hee-ryong, the Governor of Jeju Island, unveiled that he invested in four different cryptocurrencies.

Wong Plans to Keep Updating People via Youtube About His Crypto Holdings Status

According to Chosun, the politician, who is the leader of a semiautonomous province in the country, admitted that he bought a total of 1 million won ($885) worth in bitcoin (BTC), ethereum (ETH), somesing (SSX), and the Kakao-issued klay (KLAY) token. Won justified his purchases by saying that he thought, “I had to do it.”

With such an announcement, Jeju Island governor becomes the first politician that publicly discloses its crypto holdings in South Korea. Interestingly, Won commented:

Although more than 5 million people are already trading virtual assets, various damages are occurring one after another due to inadequate related laws and policies. I will try to do it myself, communicate with the public and find alternatives about what the problem is and how to develop the field of virtual assets.

He praised the fact that virtual currency trading can be made on holidays. In fact, Wong revealed that he bought his cryptos on Buddha’s Birthday.

Moreover, one of his plans regarding digital assets is to provide updates on his holdings through a Youtube channel and open the door to discuss “blockchain and the 4th industry with experts.”

Special Legal Status in the Island Allows ICO Projects to Launch

The governor has been well-known in the country for its crypto endorsement, driving him to launch projects within the semiautonomous 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 ICOs are banned in South Korea, the island has a special legal status, allowing the governor to bypass such legal barriers. As of press time, there are no further developments on the matter.

What do you think about the crypto holdings revealed by the South Korean politician? Let us know in the comments section below.

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