Backlash Forces South Korea to Explain Cryptocurrency Regulations

A surge of more than 218,000 citizens have now signed a petition against cryptocurrency regulation in South Korea.

The number surpasses the official threshold required to force the government to respond within 30 days.

A Google translation of the petition reveals a passionate plea for the country to support its people through cryptocurrency:

“Our people have been able to make a happy dream that they have never had in Korea because of virtual money. I might be able to buy a house in Korea where it is hard to buy my house. Maybe I can live by doing what I want to do. Maybe I can become a little bit of my life and I can breathe.

…The world you see is different from the world our people see. You think you protect the people, but the people think that the government takes away our dreams. Please do not take away your happiness and dreams that you had for the first time in Korea.”

A separate petition is calling for the leader of the South Korea’s Financial Supervisory Service to be fired. That petition is currently well below the 200,000-signature requirement.

South Korea is considering crypto regulations that, among other things, could ban underage investing, anonymous trading accounts, and prevent foreigners from entering the market.