Several days ago, the petition against crypto regulations in South Korea reached 200,000 signatures, which means the government now has to respond to it.
The petition was started at the website of the South Korean presidential office on December 28th last year. By January 16th, more than 212,000 signatures were collected and, according to the website of the presidential office of South Korea, a petition needs to collect a minimum of 200,000 signatures to get a response from the government officials in the next 30 days.
The petition asks the government of South Korea to renounce the proposed trading laws that would make it impossible to earn a lot of money with the trading of cryptocurrencies.
However, the petition supports some of the proposed laws, such as the complete ban of the anonymous trading accounts. Moreover, Bithum, the largest cryptocurrency exchange in South Korea, also supports the “true set of laws”.
The obsession with the cryptocurrencies in the country caused great concerns for the South Korean government, which started thinking about introducing new regulations for the cryptocurrencies.
Some of the proposed regulations include the ban of the anonymous virtual trading accounts, thus forbidding the minors and foreign citizens to invest in bitcoin and other cryptocurrencies on the South Korean market.
The trading of cryptocurrencies has become extremely popular among the South Korean youth, especially due to the bad economic situation for the younger population. The youth unemployment in the country reached 12.5%, with the average unemployment rate standing at 4.2%, according to Quartz.
We have seen contradictory stances of the South Korean government towards the cryptocurrencies during last month. This created a lot of confusion among the investors, especially after the Minister of Justice informally suggested to ban the trading of cryptocurrencies completely, which was then wrongly communicated by the mainstream media.