SOUTH KOREA: PETITION AGAINST REGULATIONS AROUND CRYPTOCURRENCY TRADING GATHERS MORE THAN 215,000 SIGNATURES - SEOUL WILL HAVE TO RESPOND

More than 200,000 signatures. This is what a petition has been able to encourage the South Korean government not to take too restrictive regulatory measures around cryptocurrency trading. This is the threshold from which the latter is compelled to examine the request, and to provide an answer.

Titled " Has the government ever dreamed of a happy dream for the people? ", This petition was put in place on December 28th. At the same time, another petition calls for the dismissal of the governor of the country's financial policeman.

"Do not steal our dreams"
The South Korean government announced in mid-December that it intended to force cryptocurrency trading platforms to adhere to a strict regulatory framework .

On December 28, he had held a meeting to discuss the steps he would take to deal with the popularity of digital currencies in the country . In particular, he had decided to ban anonymity on platforms, to tax traders' earnings and to prevent people under 18 from using them.

But some fear that the government will go further, and one day decides to pronounce a total ban of this activity .

This is probably what prompted a citizen, remained anonymous, to put up a petition to calm the ardor of the authorities. Entitled " Has the government never dreamed of a happy dream for the people? "She will stay online until 27 January.

According to the rules established by the Blue House - the office of the President of South Korea - if more than 200,000 people sign a petition within one month of being put online, the government has 30 days to give an answer .

Yesterday, the number of signatures collected by this petition far exceeded this threshold:

Here is what we can read (the translation is approximate):

"Our compatriots have managed to make the happy dream that they could never have done in Korea, and it's thanks to the virtual currencies [...] I may be able to afford a house in Korea, while otherwise it would have been difficult for me to do it. "

By citing the fact that digital currency trading might one day be equated with illegal gambling, the author explains that " people are not stupid. In our time, they invest in virtual currencies because they are considered the 4th revolution, and it is not an investment made without thinking. [...] I invest wisely, avoiding taking too much risk with my money ".

After recognizing the risks associated with cryptocurrencies, the author indicated that he felt that the government was too far from the citizens' concerns :

"The world you [the government] sees is different from the world we, the citizens, see. You think you are protecting the citizens, but they think the government steals their dreams. "

The petition does not mention the measures that the authorities have said they want to take - ending the anonymity on trading platforms, but also tax the capital gains generated through them.

It concludes as follows:

"Please do not take the joy and dreams we have for the first time in Korea"

Revoke the Director of the Financial Constable
South Korea Bitcoin lawOn December 28, another petition was put in place. She called for " the dismissal of Choi Heung-shik, the director of the Financial Supervisory Service, which subjects citizens to speculative views ".

The Financial Supervisory Service is South Korea's financial regulator, which reviews and oversees the operation of financial institutions.

This petition comes in response to a speech given the same day by the leader . He reportedly said that the course of Bitcoin would certainly plunge. " The bubble of Bitcoin will burst. You can bet on it, "he said, according to reports by Hankook-Ilbo and other local media.

Last night, more than 37,000 people had already signed this petition:

Meanwhile, the Korean Constitutional Court held a preliminary hearing to consider a petition related to the regulatory framework that the government wants to put in place .

This comes from a law firm, Anguk Law Offices , which believes that " the regulations around the crypto-currency trading by the government, which declares wanting to regulate the exchanges through certain administrative orientations, has no basis legal, and it is a violation of property rights , "as had reported the Korea Times .