South Korean Petition Against Crypto Regulation Gets 200K Signatures, Government Must Respond
Content adapted from this Zerohedge.com article : Source
This morning, Jan. 17, a South Korean petition against the regulation of virtual currency reached the amount of signatures required to compel a response from the government.
The online petition calling the government to reconsider its stance on cryptocurrency regulation was started on the website of the South Korean presidential office on Dec. 28.
On January 17, the petition obtained more than 218,000 signatures. According to the website of the presidential office, the minimum required for a government response is 200,000, thus officials are expected to react to the requests listed in the petition in the next 30 days.
The petition asks the government to renounce proposed trading regulations that would** ruin "a happy dream" that has been enabled by digital currencies.**
However, the petition still supports some of South Korea's cryptocurrency regulations, such as banning anonymous trading accounts. Notably, South Korea's largest cryptocurrency exchange Bithumb also supports "the right set of regulations".
Worried about a 'cryptocurrency obsession' in the country, the South Korean government started considering a range of regulatory measures for crypto.
Some of the proposed regulations include banning anonymous virtual trading accounts, forbidding underaged investors and foreigners from investing in Bitcoin and other cryptocurrencies on the Korean market, and even banning cryptocurrency trading outright.
Cryptocurrency investing has become especially popular among South Korean youth since the country's economic situation is notably hard for the young population. According to Quartz, the youth unemployment hit an all-time high rate of 12.5% in February 2017, compared to the average overall unemployment rate of 4.2%.
Overall, the stance of the South Korean government towards cryptocurrency regulation has been contradictory during the last month, made particularly confusing by the Justice Minister's informal proposal of a cryptocurrency trading ban, which was then widely misreported by mainstream media.
But as contradictory as the messaging has been, price action has been one way...
But did today see the reversal of that trend?
Although governments want to create obstacles for cryptocurrencies the will of people will always have a significant weigh in decision making. Some politicians may even use the cryptocurrency lobbying for their political PR.
We are still in an early stage of crypto BOOM.
Great that so many banned together to petition the restrictions but I question the under age investers.if there are so many unemployed in the youth of the country where are they getting the money to invest ??
I think the underage investors get their money from their savings or little earning.
Even though S. Korea is a prosperous country, its citizens recognize that cryptocurrencies provide freedom. Bitcoin has been a lifeline for people in Venezuela and Zimbabwe. I have little doubt bitcoin and other cryptos will provide a lifeline for people in other countries in the future as well.
with unemployment that high, I don't think it is a properous. At least it won't be in the near future. Yes, bitcoin will serve many more people in hyperinflation situations or in countires, which are politically instable in general.
The overall unemployment rate in S. Korea is low and the country is a First World country. No doubt many people within the country are struggling, as is the case in the U.S. and other First World countries, and it is much harder for younger workers to get jobs. If war breaks out with N. Korea, then all bets are off. In that case, the people will appreciate being able to take their wealth with them on a hardware wallet wherever they go.
Truly it can say that Korean people recognized cryptocurrencies provide freedom.
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This is a great accomplishment for the crypto-world. 220 000 signed the petition - this means unity and definitely shows the need for a new and better system. People want it ! Of course I think that a lot of these people have the gambling bug, try to take a gamblers chip's away from him and see what happens.
We surely can't speak of a "reversal" of a trend. The timeframe is too short.
Yeah I agree bro the time frame is short.
thanks for the update! It will be very interesting to see how the government responds to such a large petition.. time will tell!
I think that today saw a reversal in the market, or at least confirmed some strong support lines. I just did a post about the recent uptrend that may have formed due to the market starting to rise - although we will have to wait to confirm if the market will continue with this growth or continue the general downtrend of the past few days.
Yeah bro today all the cryptocurrencies get to regain its value.
Yes, hopefully they find a support.
Governments are going to find out how they are an unwelcomed intruder into the world of crypto. It is interesting the watch the banksters embrace blockchain since that is what is going to clean their clocks. Nothing can stand up to it.
In the end, governments are under attack. The blockchain will be able to replace a great deal of what the government does without the secrecy and corruption. This is going to be a major problem for the business as usual crowd.
The South Koreans see how this move is a threat to them. At the same time, I would guess the government there is equally aware of what blockchain can do to them.
The more publicity this gets, the less likely the government and their masters, the banksters, will be able to contain it. Even the media is being lured into the fray.
In the end, this is a force that cannot be stopped. The merits of blockchain are starting to be realized by people. Once decentralized exchanges become commonplace, the governments chance of banning or regulating anything is done.
Many countries government now ban the cryptocurrencies in their country. My country government did this already.
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@zer0hedge..the main problem in south koria is their goverment not banned the crypto ..just they want to link their kyc documents to the bank accounts and other tax related files...this is the main thing happened their ..but maximum most of the 80% proples of highly amount traders not linked their accounts with kyc documents ..so they blocked their entire ammount and put in hold..they not announced the crypto banned ..in chaina only they used to bad the maximum 80 % if the cryptocurrency sites .. I think that a lot of these people have the gambling bug, try to take a gamblers chip's away from him and see what happens...in my view defunatly in few days they will relese their account and trading will done asuseual..thank you for sharing info with us...
But I hear that south Korean government has already banned cryptocurrencies.
Why such high unemployment amongst the youth? 🔎 Anybody knows?