Morphea
As Koreans’ interest in cryptocurrency grows, more and more people are jumping into cryptocurrency investment.
At the beginning of the year, the proportion of Koreans in cryptocurrency investment was not very high, but in the second half of the year, it was rising enough to occupy the second most important proportion after the US, China and Japan.
An increasing amount of money was being invested in cryptocurrencies, and now even the elderly in the countryside knew a bit about cryptocurrencies.
It was only natural that there were concerns about such a cryptocurrency craze.
Various places have argued about the harm and dangers of cryptocurrencies and advocated for the creation of regulatory measures.
But, of course, there were also arguments against the regulation of cryptocurrencies.
“Cryptocurrency is the future. Regulations on cryptocurrencies, which are inextricably linked with the development of blockchain technology, will eventually lead to only the worst results that erode Korea’s future competitiveness. Moreover, it is impossible in a capitalist society to regulate cryptocurrency, which is private property. Under current law, there is no basis for making cryptocurrency illegal or criminal.”
“Then we need to enact laws to make regulations on cryptocurrencies a reality. The government needs to take responsibility for this situation right away and enact the relevant laws.”
However, the government authorities responsible for the regulation of cryptocurrencies and the National Assembly are only announcing that they are preparing countermeasures, but have not come up with a proper regulatory method.
“I sent a total of 200 dollars worth of cryptocurrency to Korean lawmakers. And I gave $300 to those who worked in finance and finance among civil servants at level 5 or higher.”
“Everyone must be excited by now.”
Eugene and Yooseong brothers were enjoying a series of controversies in Korea as if they were watching someone else’s house.
The value of cryptocurrencies sent to South Korean lawmakers and high-ranking public officials in finance was well above $200,000 to $300,000 at the current price.
This is rather a larger amount than the amount used two years ago to send gifts to influential people in Korea.
It is a gift given before the so-called Kim Young-ran Act, the so-called Kim Young-ran Act, came into effect in Korea, so there is no legal problem.
The reason the brothers spent more money on high-ranking bureaucrats than on parliamentarians is because they actually have a greater influence.
Since national finance-related work is a field that requires a high degree of expertise, not only in Korea, but also in most normal countries, bureaucrats who have been involved in the related field for a long time had much greater authority than politicians.
Knowing how dangerous it is for the national financial affairs to be shaken up and down by political logic, it was natural to entrust it to professional bureaucrats, except in very special cases.
And high-ranking officials in these finance-related departments have a wide range of influence not only in administrative positions, but also in private and public corporations.
Unfortunately, it is difficult to give a high score for the morality of the Korean bureaucracy.
This is especially true for the Ministry of Strategy and Finance, which is in charge of finance and finance-related affairs.
It is not for nothing that the officials of the Korean financial authorities are called Mophia.
MOFIA, which is a compound word of Ministry of Finance and Mafia, is named because financial bureaucrats have taken over the financial and economic circles as well as institutions under the Ministry of Strategy and Finance, and have committed corruption and collusion. to be.
It is very famous that they re-employed in various related organizations after retirement to monopolize key positions, receive special favors from the public service, and easily win various businesses or provide various benefits to the companies they work for through lobbying activities.
In recent years, the number of high-ranking officials from the Ministry of Strategy and Finance setting up companies after their retirement and monopolizing various projects ordered by the government, or distributing state property at low prices, is also increasing.
In particular, they are casually committing acts such as disposing of the office building of a public corporation managed by the Ministry of Finance and Economy and re-renting it to the public corporation to obtain a stable and high profit.
It is not a day or two that the moral hazard of finance-related ministries has become a problem.
The best solution is to limit the entry of high-ranking administration officials into related occupations after their retirement, thereby preventing public courtesy.
In the case of the United States, re-employment is prohibited for similar occupations that are highly related to public service, and, if possible, a grace period of several years is provided to prevent corruption as much as possible.
In Korea, laws such as the Public Service Ethics Act and the Conflict of Interest Prevention Act have been enacted for similar reasons, but they do not work effectively.
When high-ranking public officials retire and find a new job, they must undergo an employment screening, but most of them pass the screening without much problem while working in related fields.
So it was only natural that such greedy bureaucrats would not come up with a cryptocurrency regulation that could destroy their assets.
“Chief Joe. How high have you been these days?”
“I think I made 30 million won in two days.”
“Hey, that’s fine. Is Ripple the one that Cho is investing in? I thought I would buy some ripples too.”
“Isn’t Ethereum okay?”
Rather, among public officials, investment in Aleumaleum cryptocurrency was spreading like a fad.
People who normally would not have paid much attention to them could not afford to not pay attention to them because of the assets that were created unexpectedly.
It was natural for high-ranking officials to check their assets on a computer from time to time, and many of them made additional investments.
During breaks or lunch breaks, it became common for civil servants of similar ranks to gather quietly to discuss their respective investments.
“Oh yeah! Long-term planning bureau chief Lee, right? They said they had all been disposed of when it was in full swing in June. Are you saying you are really regretting hitting the ground right now?”
“this… … I knew this manager was a cautious person, but it’s a shame. How much would it be if I left it alone? that is.”
Those who have already liquidated themselves, those who still hold them, are keeping a close eye on the price of cryptocurrency in their own way.
“So that’s it. Anyway, Chairman Kang is a really scary person. Are you saying that you predicted all of this two years ago already?”
“right. Maybe everything is going the way Chairman Kang intended right now.”
“Maybe not, definitely. Heard that the size of cryptocurrency is likely to exceed $1 trillion soon. Then, doesn’t Chairman Kang completely dominate that big market?”
“So that’s it. I wonder if the influence of an individual has already gone beyond a single country.”
“Our director commissioned us to investigate, and I think there are at least 1,000 public officials who have received cryptocurrency gifts from Chairman Kang.”
That means that at least 1,000 high-ranking officials were influenced by Eugene.
If they had received hundreds of millions of won equivalent to their present value, it would have been a huge problem, but the actual amount they received is only hundreds of thousands of won.
Although there is no room for legal problems, it is not possible to ignore the practical benefits.
High-ranking officials now had no choice but to pay attention to the existence of Eugene, even implicitly.
“Hey, is that scary? Then they all owe Chairman Kang a debt, right?”
“What are you talking about like you’re not?”
“ah? haha. That’s it.”
High-ranking public officials related to finance are the best elites who pass the difficult administrative examination and take charge of the country’s budget and economic affairs.
They are always on the lookout for who the person standing above their heads is.
This is because, whenever a person who knows nothing about finances becomes a leader of the country and makes various demands, it is important to convince the other party with the logic accumulated over the years.
And now they were showing a greater interest in Eugene across the Pacific than the VIPs of the Blue House holding their leash.
They already felt very keenly about the influence Eugene had and the influence he would wield in the future.
That too was coming more and more realistically due to the huge number displayed on their cryptocurrency accounts.
“Oh yeah! How is the task force going? Did you come up with a solution?”
“It always is. Not everyone is very motivated. Even if you try to come up with a regulatory plan, isn’t it a bit like that?”
“It is not. If you come up with something, it will have an immediate effect.”
“Because the media is not usually interested. Perhaps the price will fluctuate right away.”
“It doesn’t work.”
“No. Don’t do it.”
As much as they are interested in cryptocurrency investment, it was virtually impossible to step out of the regulation on cryptocurrency.
Of course, none of them were without a balance between private interest and public responsibility.
However, the trend has already shifted significantly.
“More than 1,000? That makes sense! Are you saying that all high-ranking government officials in Korea took money from that person?”
Oh was also one of those well-rounded people, who currently serves as the chief economic secretary in the Presidential Secretariat.
After entering the Department of Economics at Seoul National University, passing the administrative exam before graduating, receiving a master’s degree from the same university and a doctorate from Cornell University in the United States, Secretary Oh, who has worked for a long time in finance-related ministries, came from a powerful family in the business world. He is a person who has never been in trouble financially.
He also received $300 worth of cryptocurrency from Yoosung, and has an estimated value of 400 million won in current value, but 400 million won is not a big problem for him.
“The amount we received at the time was not a big deal,” he said.
“Is the amount an issue at the time? How much trouble are you with cryptocurrency right now? But if the parties who will regulate it have the cryptocurrency in their hands, it will be possible to get things done.”
“Still, everyone is trying to be fair.”
“Fairness is bullshit! Everyone tell me to sell cryptocurrency!”
“that is… … It is a bit difficult to touch private property. The potential for problems is too rich. If anyone sues, there is no chance of winning.”
“Damn it! Isn’t this completely vegetative? Everyone is blinded by their own interests, so why not regulate gambling that will corrode the national economy?”
In the office of the chief economics secretary, there was a continuous shouting.
There was a public saying that the speculative craze for overheated cryptocurrencies could put the national finances in crisis.
As the chief economic secretary who holds the most important key to the national economy, this was not something to be overlooked.