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South Korean petition against regulation Crypto gets 200K signatures, the government must respond

Tuesday morning, January 16, a South Korean petition against the regulation of virtual currency has reached the number signatures needed to force a response from

The online petition calling on the government to reconsider its position on the regulation of cryptocurrency was launched on the website of the South Korean presidential office on December 28.

On January 16, the petition obtained more than 212,700 signatures. According to the website of the presidential office, the minimum required for a government response is 200,000, and officials are expected to respond to requests listed in the petition in the next 30 days.

The petition asks the government to: give up the draft commercial regulation that would ruin a happy dream "which was activated by digital currencies.

However, the petition still supports some regulations of the South Korean cryptocurrency, such as the ban on anonymous trade.In particular, the largest exchange of cryptocurrency of South Korea Bithumb also supports " the good series of Regulations "

Worried about a" cryptocurrency obsession "in the country, the South Korean government began

Some of the proposed regulations include the following: prohibition of anonymous virtual trading accounts, prohibiting mined and foreign investors from investing in Bitcoin and other crypto-currencies on the Korean market, and even outright prohibiting the trade in crypto-mon

Investment in cryptocurrency has become particularly popular among South Korean youth, as the country's economic situation is particularly difficult for the young population. According to Quartz, youth unemployment reached a record 12.5% ​​in February 2017, compared to the overall average unemployment rate of 4.2%

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Overall, the South Korean government's position against the regulation of cryptocurrency has been inconsistent over the past month, made particularly confusing by the Minister of Justice's informal proposal for a cryptocurrency trading ban, which was subsequently widely distorted by traditional media.