South Korea: Petition Against Bitcoin Crackdown Reches 200,000

A petition to South Korea’s president demanding to stop the process of regulating crypto market has gained 200,000 signatures and is going to get an official answer.

According to the country’s legislation, the government ought to give an official response if a petition gains over 200,000 participants in a month.

Regular investors have been labeled participants of an “illegal gambling ring” because of a few bad apples, the petition says. It hoped that the country won’t go backwards due to “unjustified regulations” and added that  developed countries are already investing in virtual currency and developing fast.

Signatories don’t protest that the government would set tax incomes from cryptocurrency market, but they don’t agree with the fact of closing down the exchanges.

The Seoul government is moving to impose new regulations against the trading of virtual currency, though involved ministries are yet to agree on the extent.

The Justice Ministry of South Korea planned to ban cryptocurrency trading last week, but the Economic Ministry denied this action. So the Blue House  announced that nothing had been finalized yet.

The Country’s Vice Minister of Economy Kim Dong-yun apologized on Tuesday for the mess and said that government will announce its final plans soon.

On the other hand, South Korean technology minister informed that blockhain technology won’t be affected by the regulation.

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