South Korean presidential candidates began calling for changes to the cryptocurrency rules to appeal to the younger generation
The controversial and widely debated 20% crypto tax is defining South Korea's March presidential election, according to local reports . Presidential candidates have called for changes to the law to appeal to the Millennials and Generation Z cohorts, which make up the bulk of the voting population.
Hong Joon-Pyo, a politician and candidate for the presidency of the country's main conservative party, is one of the candidates who criticized the policy. He described the tax rule as insensitive, adding that its adoption would cause a setback in the sector. Joon-Pyo is not the only conservative party lawmaker who has criticized the tax policy.
Two others, Yun Chang-Hyun and Yoo Gyeong-Joon, previously proposed delaying the implementation of the cryptocurrency rule. In May, Korean Democratic Party nominee Lee Jae-Myung also argued that it was too early to consider tax policy. Noh Woong-Rae, a Democratic Party MP, he shared similar views, explaining that cryptocurrency earnings should be treated as financial investment income.
The tax law was supposed to go into effect early next year, but with both sides wanting a delay, its adoption could be delayed. Young investors have been against taxing cryptocurrency earnings, and that adds that both the Democratic and Conservative sides want the rule to be postponed to help rally their support.
New York companies ask governor to reject applications for cryptocurrency mining licenses
Meanwhile, in the United States, a group of local companies wrote to New York State Gov. Kathy Hochul, asking her to reject the conversion of former fossil fuel plants into cryptocurrency mining facilities. Last week, the companies wrote a letter citing the environmental impact of converting the Foristar North Tonawanda and Greenidge Generating Station plants into mining centers.
"Proof Of Work cryptocurrency mining uses massive amounts of energy to power the computers needed to conduct business – if this activity expands in New York, it could dramatically undermine New York's climate goals set by the Climate Leadership and Community Protection Act ."
The group further explained that converting the currently defunct fossil fuel plants into mining areas would erase the progress made by the state in managing gas emissions. The development comes towards a report showing that New York is the favorite state for most Bitcoin miners. In a story that appears on CNBC's Crypto Decoded , New York State accounts for nearly a fifth of the Bitcoin hashrate in the United States. Kentucky and Georgia follow with 18.7% and 17.3%, respectively.
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