Bitcoin FIGHTBACK: 200k sign petition in South Korea after price plummets to $10k
MORE than 200,000 people have signed a petition in South Korea against cryptocurrency regulations after government plans to curb speculation saw the value of Bitcoin and Ethereum plunge.
Currently almost 217,000 people have signed the petition launched on the website of the South Korean presidential office. According to government rules, officials are now required to respond to the petition after it exceeded 200,000 signatories in less than 30 days.
South Korea had announced a curb on crypto futures and vowed the come down hard on any criminal activities involving illegal currencies.
The country, which had been a big player in the cryptocurrency boom, is now considering a full shutdown of all exchanges.
The government has also vowed to support research and development into the blockchain on which cryptocurrencies are based.
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REUTERS
Last Wednesday, it was revealed by Justice Minister Park Sang-ki that the government was preparing a law to close all the nation’s exchanges.
Senior official Jung Ki-joon said: “We will respond strongly to cryptocurrency speculation and illegal acts, but we will provide support to research and development relating to blockchain technology.
“The proposed shutdown of exchanges that the justice minister mentioned recently is one of the measures suggested by the justice ministry to curb speculation.
“A government-wide decision will be made after sufficient consultation and coordination of opinions.”
The petition urges the government to reconsider and accuses South Korean officials of taking away the “happy dreams” of the country’s citizens.
The petition’s anonymous author writes: "Our people have been able to make a happy dream that they have never had in Korea because of virtual money.
"People are not stupid... virtual money is invested because it is judged to be the fourth revolution.
EPA
"However, I wish that the economy will not decline due to unjustifiable regulations in the present situation.”
The news comes as Bitcoin value dropped below $10,000 for the first time this year – half of the value seen at the $20,000 peak that bitcoin touched just one month ago.
Ethereum also plunged below the psychological $1,000 mark, and is on track to lose all its gains in 2018, which reached 100 per cent just four days ago.
China, Brazil and India have all cracked down on cryptocurrency trading as a result of the soaring values seen last month.
