South Korean presidential candidates have started pushing for changes in cryptocurrency tax rules to appeal to the younger generation.
According to local reports , the controversial and widely debated 20% cryptocurrency tax will determine the South Korean presidential election in March. The presidential candidates have called for changes to the law to attract the millennial and Gen Z cohorts who make up the bulk of the voting population.
Hong Joon-Pyo, a politician and presidential candidate for the country’s main conservative party, is one of the candidates who criticized the policy. He called the tax rule insensitive, adding that its passage would set the industry back. Joon-Pyo is not the only Conservative party lawmaker to have criticized tax policy.
Two others, Yun Chang-Hyun and Yoo Gyeong-Joon, have already proposed to delay the implementation of the cryptocurrency tax rule. Last May, Democratic Party of Korea nominee Lee Jae-Myung also argued that it was too early to consider tax policy. Another Democratic Party lawmaker, Noh Woong-Rae, shared the same view, explaining that cryptocurrency earnings should be treated as income from financial investments.
The tax law was due to come into force early next year, but with both sides wanting it delayed, its passage could be postponed. Young investors have opposed the taxation of cryptocurrency gains, and it turns out Democrats and Tories both want the rule delayed in order to gain their support.
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New York companies ask governor to reject license applications to mine cryptocurrencies
Meanwhile, in the United States, a group of local businesses have written to New York State Governor Kathy Hochul asking her to reject converting old fossil-fueled power plants to mining facilities. of cryptocurrencies. Last week, the companies wrote a letter citing the environmental impact of converting the Fortistar North Tonawanda and Greenidge Generating Station to mining centers.
” Proof-of-Work cryptocurrency mining consumes huge amounts of energy to power the computers needed to do business – if this activity were to grow in New York City, it could drastically jeopardize New York’s climate goals. York established under the Climate Leadership and Community Protection Act. “
The group also explained that converting the currently decommissioned fossil-fueled power plants into mining spaces would erase the progress the state has made in managing gas emissions. This development follows a report showing that New York is the preferred state for most Bitcoin miners . In an article on CNBC’s Crypto Decoded show , New York State accounts for nearly a fifth of Bitcoin’s hashrate in the United States. Kentucky and Georgia follow at 18.7% and 17.3%, respectively.