South Korean Petition Against Crypto Ban Clocks Over 200,000 Signatures

The South Korean President will have to respond to a petition against a ban on cryptocurrency trading on exchanges after it crossed the 200,000 signature threshold earlier today.

“Has the government ever dreamed a happy dream for our people once? How many people have suffered from virtual currency? Investment is a personal responsibility with the risk of failure… You think you protect the people, but the people think that the government takes away our dreams,” the petition states.

Just a few days ago, the justice minister came forward with proposals to ban South Korean exchanges from trading cryptocurrencies.

This lone event has sent ripples across the world, triggering massive panic attacks in cryptocurrency circles as the market becomes unpredictable.

The cryptocurrency market today experienced a descent into madness as South Korea—one of the largest markets in the world for Bitcoin and other mainstream currencies—continues to brandish an ax at its own exchanges.

The petition implies that it’s unfair to use a few bad players as an excuse to potentially deprive regular investors of the opportunity to participate in the cryptocurrency market. The document also notes they are being labeled an “illegal gambling ring.”

An examination of the signatures reveals overwhelming support for common-sense government regulations such as taxing gains made through cryptocurrency trading.

Others have said that it makes no sense to ban cryptocurrencies while sports gambling and the KOSDAQ—South Korea’s version of NASDAQ—retain legal status.

The petition currently has 212,764 signatories, and the number is climbing by the minute.

Cheong Wa Dae -- the South Korean President’s Residence, also known as the “Blue House”—is required to respond to any petition that collects 200,000 signatures in a month.

This particular petition is 11 days ahead of schedule, giving President Moon Jae-in ample time to react.