Choe Sang-mok, Deputy Prime Minister and Minister of Strategy and Finance, noted regarding the proposal for a supplementary budget, "The government (and the Ministry of Strategy and Finance) believes there is a need for a proactive role," but also stated, "However, since next year's budget has just been passed, preparing for swift execution is the priority."
Deputy Prime Minister Choe responded to this during a press conference with foreign journalists on the 18th, alongside Cho Tae-yeol, Minister of Foreign Affairs, regarding discussions about a supplementary budget in global investment banks (IBs) and politics.
He said, "Next year's budget is quite large, amounting to 673 trillion won, and it is time to devote full efforts to ensuring swift execution from Jan. 1 next year." He added, "However, we will continue to review appropriate policy measures according to changes in livelihoods or trade environments."
Regarding the South Korean government's policies on virtual assets, Deputy Prime Minister Choe said, "The government does not have a negative stance on virtual assets." He explained, "The postponement of virtual asset taxation was decided not because we are negative about virtual assets, but because it is more appropriate to tax after monitoring the initial implementation situation of new regulations and related systems." He noted that "laws for the protection of user transactions have only just begun to be implemented, and foreign exchange regulation measures related to external transactions have also been announced."
Deputy Prime Minister Choe stated, "Including the Bank of Korea, financial authorities and relevant authorities are currently preparing for how to regulate virtual assets domestically, not only focusing on user protection but also discussing their legal nature."
In response to the question of how he views the "strategic cryptocurrency reserve plan" of U.S. President-elect Donald Trump, Choe said, "It is not the time to assess (the cryptocurrency reserve plan) as its specifics have not been revealed." However, he noted, "If the new U.S. administration presents new proposals related to virtual assets, we plan to review and include them in the framework as well as devise response measures."
Regarding the rise in the won-dollar exchange rate (weakening of the won) amid the Dec. 3 "martial law situation" and the impeachment political landscape, he stated, "The fact that the won showed a weakening trend due to the strong global dollar and the expansion of volatility following recent political uncertainty is true." He added, "As Bank of Korea Governor Lee Chang-yong mentioned in the National Assembly on the previous day, the situation is expected to ease as developments progress." He further noted, "If exchange rate volatility becomes excessive, the foreign exchange authorities will actively respond."
Foreign journalists also poured inquiries about diplomacy to Cho Tae-yeol, Minister of Foreign Affairs, on this day. Regarding the relationship between the South Korean government and President-elect Trump, Minister Cho noted, "President Yoon Seok-youl is one of the few foreign leaders who spoke with President-elect Trump immediately after his election, proving that the network and channels we have built with the Trump administration are strong." However, he acknowledged, "Recent situations have slightly weakened the political momentum of the communication previously built, and a little time is needed for recovery."
Regarding concerns about potential disruptions in the implementation of next year's 60th-anniversary commemorative projects for the normalization of diplomatic relations between South Korea and Japan, he noted, "We are more worried that Japan might take domestic situations too seriously, hindering the effort to make next year a meaningful one." He expressed hope that "despite the current situation, Japan will actively address this issue so that it can serve as a milestone in the history of Korea-Japan relations."
In response to whether it may become difficult to hold a meeting with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju next year, it was stated, "I understand that there has never been a precedent for President Xi not attending the APEC summit before." It was added, "We expect him to attend the economic summit, and we are having discussions with the Chinese diplomatic authorities based on that premise."
Concerning the North Korean nuclear issue, Minister Cho stated, "President-elect Trump's appointment of Richard Grenell, U.S. Ambassador to Germany, as a special envoy for North Korean affairs is seen as evidence that he is not neglecting the North Korean nuclear issue." He remarked, "We believe we need to be more proactive in responding to this."