South Koreans Resist Government's Regulation Of Cryptocurrency - MnTrendsNews

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Tuesday, 16 January 2018

South Koreans Resist Government's Regulation Of Cryptocurrency

The South Korean people have signed a petition entitled “Has the government ever dreamed a happy dream for the people?” protesting the extreme regulation placed on cryptocurrencies. About 215,000+ sinatures were signed in the national petition.

The South Korean government in December, announced a series of regulatory measures on the cryptocurrencies. Immediately, on December 28, a national petition was filed and will run through till January 27. 


According to the rules set by the Blue House, once a petition garners up to 200,000 signatures, the government will respond within 30 days.

On Tuesday January 16, the petition exceeded the threshold and sits at about 215,400 at the moment.

Excerpts from the petition
 Our people have been able to make a happy dream that they have never had in Korea because of virtual currency…I might be able to buy a house in Korea where it is hard [for me] to buy my house.
As regards illegal gambling concerns, the author of the petition writes;  “people are not stupid. In the current era, virtual currency is invested because it is judged to be the 4th revolution and it is not just a random investment…I invest wisely to the extent that I do not overdo my money.”

After acknowledging the risks involved, the author continues
The world you [the government] see is different from the world our people see. You think you protect the people, but the people think that the government takes away our dreams.

The petition though does not object to the use of the real name system and imposition taxes as regulators are suggesting. The petition concludes with this touching appeal; Please do not take away our happiness and dreams that we had for the first time in Korea,” 

See Also - Ahead of World Cup; Russia set to Legalize Use of CryptoCurrency

Do you think the South Korean government should re-evaluate the regulation on cryptocurrencies? and what support do you think other cryptocurrency users around the world could give the South Koreans? Let us know your thoughts in the comments section below and yes, subscribe to our newsletter and like our page for fresh news Mntrends Blog.

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