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Over 215,000 Sign Petition Opposing the Crackdown on Cryptocoins in South Korea

Protesting South Korea’s Move to Fight Cryptocurrencies

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South Koreans recently launched a petition, which is opposed to the harsh manner in which the government is treating cryptocoin investors. The petition has been titled “Has the government ever dreamed a happy dream for the people?” It was filed on December 28th 2018, and has thus far managed to attract over 200,000 signatures. The law requires that the government must respond to any petition that exceeds 200,000 signatures. Meanwhile, there is another petition calling for the head of the Financial Supervisory Service to be dismissed.

The Government Has Promised to Respond

South Korea’s government announced a series of new regulations regarding cryptocoins in December of 2017. Immediately after the measures were announced, a petition was launched. This petition is intended to run through to January 27th. According to the rules of the Blue House, the government must respond to all petitions that exceed 200,000 signatures.

By January 2018, the number of signatures had gone well beyond 215,000. The petition states that people have been able to make happy dreams because of virtual currencies, something that was not possible before. It goes on to state that people who would not have been able to afford a house before, can now do so.  

On the issue of illegal gambling, the author of the petition states,

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 overstretch my money.

The author then goes on to say that the world the government sees is different from the world that virtual currency investors see. He argued that although the government thought it was protecting people, it was actually taking away their dreams.

The author further argues that those in the community were not opposed to a real name system. Besides that, they were not opposed to any taxation. The only thing they wanted the government to do was to stop taking away their happiness and dreams, which they were experiencing for the first time in the country.

Another Petition Calling for the Dismissal of Choi Heung Shik

On December 28th, a national petition was launched calling for the Director of the Financial Supervisory Services to be fired. This petition was filed in response to a statement he made saying that the Bitcoin bubble would burst. By January 16th, that petition had attracted over 37 thousand signatures.

Meanwhile, a case was filed in court on December 30th opposing the new cryptocoin regulations. The case claims, “Regulating the trade through administrative guidance without any legal grounds is an infringement of property rights.” The court will first examine whether the appeal is appropriate and whether a full trial is needed.

What do you think about the various petitions and the case against tough cryptocoin regulations? Leave us your thoughts in the comments section below.

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