South Korea Petition Demands Government Halt In Bitcoin Crackdown

17. January 2018.

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In South Korea, a petition seeking a halt to the government’s bitcoin crackdown has gathered momentum — to the tune of more than 212,000 signatures.

The petition wants regulators to stop their efforts to curb cryptocurrencies and, by extension, crush the “happy dream” of those bullish on digital currencies.

As reported by CNBC, the petition has been posted on the South Korean presidential website, stating that if more than 200,000 signatures are gathered within 30 days, government officials will respond to the demands.

As has been reported, South Korea has been the location of a bulk of trading in bitcoin and alternative currencies. Price action has been volatile in the region. Consider the fact that bitcoin fell 17 percent on the heels of news that the government was still considering shuttering exchanges. In the meantime, said CNBC, CoinMarketCap has said it would not include pricing information from a few Korean exchanges, due to “extreme divergences in price from the rest of the world.”

The anonymous petition, via translation, states “our people have been able to make a happy dream that they have never had in Korea because of virtual money. People are not stupid … virtual money is invested because it is judged to be the fourth revolution … however, I wish that the economy will not decline due to unjustifiable regulations in the present situation.”

The financial news site noted that younger South Koreans, among whom unemployment rates are relatively higher, tend to be more active traders in digital currencies.

The petition did, however, support banning anonymous trading accounts.

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