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10.11 (금)

[Remaining Ink] Rhyu Si-min vs. Jeong Jae-seung

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One of the biggest reasons that the credibility of the Moon Jae-in government exceeds 70% is probably because of its transparent and predictable policies. The government's respect for the process and how it transparently releases the results after discussions is different from the previous government, which consistently made decisions behind closed doors and unilaterally notified the results. The majority of the citizens probably nodded to the recent solution to the nuclear power plant issue and the government's conclusion on the comfort women agreement with Japan because of such efforts.

However, the response to virtual currency was not like the Moon Jae-in government. In a meeting that the president presided over last weekend, the issue was discussed, but they never set a policy direction. It is uncertain as to whether the government's cautious attitude was due to petitions against the shut down of the exchange led by people in their twenties and thirties, the government's supporters. But the solution became more complicated, because the government has to look after the pains of this "2030 generation" in addition to fostering and regulating the future industry.

The writer, Rhyu Si-min and Jeong Jae-seung, a professor at the Korea Advanced Institute of Science and Technology (KAIST), both intellectuals with a large fandom who have appeared together on a TV show, have joined in the controversy. Rhyu said, "Virtual currency is the process of someone taking advantage of the folly of man, tricking people and taking their money. In terms of industrial promotion, the argument against the closure of exchanges is also fraudulent." He compared the bitcoin frenzy to "Sea Story (bada iyagi)" in the days of the Roh Moo-hyun government. However, Professor Jeong replied, "I think Mr. Rhyu Si-min is not familiar with this issue. A solution that sees cryptocurrency and blockchain as a social evil is not the proper approach. Restraining technology is not right, beneficial or even possible." The opinions of the two men represent the two perspectives on virtual currency.

A scientist who thought that the financial system of Wall Street caused the global financial crisis first came up with the idea to link all the data of financial transactions in a chain pattern and allow anyone to have it, which eventually led to the bitcoin. It is unknown as to whether such an original idea will be able to survive in a situation where the existing system remains strong. What is clear is that it cannot be a currency when its prices skyrocket and crash on a daily basis. The value of the cryptocurrency will be revealed after the frenzy dies down. In the end, the common denominator in this heated debate is the desire to prevent damages from the overheated market and to develop blockchain technology. The only difference is whether to cool the market radically or with a delicate prescription. There is no reason to drag this issue.

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