South Korea’s potential ban on cryptocurrency trading prompted thousands of its citizens to sign a petition demanding the government to stop regulating cryptocurrencies. The petition has reached more than 200,000 signatures and now as per the law, the government has to take an action.
Petition for a happy dream
We already reported how the citizens of South Korea came together to sign a petition against the cryptocurrency ban and asked for the removal of Justice and Finance Minister. It all started at the time when South Korean officials discussed a ban on cryptocurrency exchanges.
As of January 17, 2018, the petition on the official website of South Korea’s presidential office had already gathered 217,000 signatures. As per the local legislation of the country, if within 30 days more than 200,000 people support a petition, the government officials have to respond. Hence, the officials are expected to react to the requests that are listed in the petition in next 30 days.
This online petition calls the government to reconsider its stance on the regulation of cryptocurrencies. The petition basically asks the officials to renounce the proposed trading regulations as it would ruin “a happy dream” that is made possible by the digital currency.
However, the petition does support some of the cryptocurrency regulations, for instance, the ban on anonymous trading accounts. Bithumb, the largest cryptocurrency exchange of South Korea also supports this “right set of regulations”.
As posted online by an anonymous person, the petition reads:
“Korean people can realize a happy dream, that we’ve never been able to have in South Korea, thanks to cryptocurrencies. I may be able to buy a house in a country where it’s very hard to buy a house. I may be able to live a life doing something I want to do. I may be able to take a breath. Please don’t take away our happiness and dreams that we could have for the first time living in South Korea.”
The petition also talks about the growing concern of the country i.e its sluggish economy with a high youth unemployment rate in last two decades.
The petitioner further adds:
“When I voted for the Moon Jaein government, I was filled with the anticipation that finally I would be able to live like a human being. However, nothing has changed. Nothing has been improved. The economic downturn we feel is still the same. In winter, we opt for electronic blankets to save on our heating bills.”
According to the reports, when it comes to cryptocurrency awareness and adoption among the citizens, South Korea is the most advanced country. Moreover, in the last few months, the country has also accounted for a huge portion of world’s trading volume in digital currencies.
It would be interesting to see the action government would take in response to this petition! What do you think? Let us know your thought in comments below and follow or write us on twitter and facebook page.
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.