|Jan 17, 2018 11:45 PM||By: Guest Author | 9023 Views|
Tuesday morning, 16 Jan., a South Korean petition on the regulation of Digital currency reached the number of signatures required to force a response from the Korean government.
The online petition asking the government to review its stance on cryptocurrency regulation was ignited on the website of the South Korean official office on Dec. 28.
On January 16, the petition collected more than 212,700 signatures. According to the website of the presidential office, the limited required for a government response is 200,000. Thus officials are supposed to react to the questions listed in the petition in the next 30 days.
The petition asks the government to abandon proposed trading regulations that would break “a happy dream” that has been approved by digital currencies.
However, the petition still maintains some of South Korea’s cryptocurrency regulations, such as forbidding anonymous trading accounts. Prominently, South Korea’s largest cryptocurrency exchange Bithumb also helps “the right set of regulations”.
Annoyed about a ‘cryptocurrency obsession’ in the country, the South Korean government began considering a range of regulatory measures for crypto.
Some of the suggested regulations involve banning anonymous virtual trading accounts, preventing underaged investors and foreigners from investing in Bitcoin and other cryptocurrencies on the Korean crypto market, and even banning cryptocurrency trading completely.
Cryptocurrency investing has become very popular among South Korean youth since the country’s economic situation is very hard for the young population. According to Quartz, the youth unemployment hit an all-time high rate of 12.5% in February 2017, related to the average overall unemployment rate of 4.2%.
Overall, the position of the South Korean government towards cryptocurrency regulation has been inconsistent during the last month, made particularly frustrating by the Justice Minister’s informal proposal of a cryptocurrency trading ban, which was then universally misreported by mainstream media.