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South Korean Baby Boomers Support Crypto Taxes

A recent survey from South Korea has revealed that 53.7% of respondents are in support of the upcoming implementation of capital gain taxes on profits from crypto trading. 500 Koreans aged 18 and older took part in the survey.

Only 38.3% of the respondents declared themselves to be against the initiative. 60% of women and 47.3% of men supported the tax, with 31% of women and 45.7% of men opposing it.

In regards to their age, Koreans in their 20s are almost equally approving and disproving of the tax – 47.8% agree with it while 47.5% are against it. As for respondents in their 40s, 60% support the crypto tax, while 57.2% of those in their 50s also agree with the initiative.

As we’ve reported, Korean officials plan to apply a 20% tax on crypto gains, which, naturally, didn’t sit well with crypto investors. The initial plan would have seen the tax being enforced this year, but, for now, it was postponed until 2022.

This news was announced by a member of the National Assembly of South Korea, Yang Hyang-ja.

The head of MakerDAO in Asia, Doo Wan Nam, tweeted: “Korea’s ruling party member suggests at least one year delay on taxation of cryptocurrency as she believes institutional adoption and understanding of cryptocurrency will take some time.”

Some experts have spoken about an “obsession” with crypto and earning big, which has a detrimental effect on the younger generation in Korea, even to the point where it hurts their job. Some see similarities between “cryptocurrency addiction” and gambling, according to some psychology specialists.

Source: Cryptoslate.com

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