Won Hee-ryong, the governor of Jeju Island, South Korea, has publicly revealed that he has heavily invested in cryptocurrencies. The governor stated that he has invested approximately one million won in Bitcoin, Ethereum, Somesing, and Klay tokens.
He has expressed interest in digital currencies since his election in 2018 and played a key role in the launch of the Jeju Coin token, and has championed other crypto projects. He becomes the first South Korean politician to publicly declare his crypto investment. Won-Hee-ryong has cited convenience and easy accessibility as one of his reasons for investing in crypto, stating that he bought his on Buddha’s Birthday. Sentiments are shared by many investors globally.
Although cryptocurrencies are quite popular and widely used in South Korea, South Korea’s Financial Services Commission banned the use of ICOs in 2017. Jeju island is, however, exempted from these regulations as it is self-governing.
The politician cited issues such as loss of assets and inadequate laws and policies as major challenges affecting virtual trading. He has further expressed an interest in gaining experience and putting up measures that will facilitate communication with the public so as to find solutions to those problems and develop the field of virtual assets.