[2018-01-12] Over 100k South Koreans Petition to Stop Crypto Ban, Fire Ministers

[moriskarlov]

South Korea cryptocurrency users are voting en masse against the country’s prospective trading ban and demanding ministers resign.

BAN BITCOIN? FIRE THE GOVERNMENT

The results of two government surveys shows support exceeding 100,000 people for halting the restrictions on trading, while more than 30,000 want to see the justice minister and finance minister fired for “market manipulation.”

South Korean lawmakers have stepped up efforts to severely limit cryptocurrency activity under their jurisdiction in recent months.

Tax obligations, a single exchange account per citizen and bans on ICOs and Bitcoin futures have combined to produce an overall hostile environment in what was once the biggest Bitcoin trading market in the world.

This week, in response to the upheaval, price monitoring site Coinmarketcap excluded major Korean exchanges from its data sheet due to what it described as “extreme divergence in prices.”

ALREADY HINTS OF U-TURN

The effect of the regulatory moves has served to unsettle users, with even government sources softening their stance as unrest grew online.

“The Ministry of Justice policy is not a definite issue, and it will be determined through coordination among ministries,” local news outlet JBTC quotes National Security Agency chief Yoon Young-Chan as saying.

When Justice Minister Park Sang-ki originally hinted at “preparing to enact a special law to ban virtual currency trading through the exchange and to close the exchange,” Bitcoin reacted sharply, dropping by some $3500 over the past week.

“Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out,” he continued quoted by Reuters.

An unclear regulatory situation is traditionally bad news for Bitcoin stability, with businesses and consumers alike welcoming decisions to create hard-and-fast rules governing cryptocurrency markets.

That policy continues to benefit neighboring Japan, where mass adoption of Bitcoin as both an asset and as a currency is actively encouraged.

http://bitcoinist.com/south-korea-petition-stop-ban-ministers/

[igordemin]

With it's more than 50 mln population, 100 000 is less than a 0,002%.
And i'm sure that all this 100k people lives in a major cities. So nobody would take them into a serious concideration.

[greeklogos]

With it's more than 50 mln population, 100 000 is less than a 0,002%.
And i'm sure that all this 100k people lives in a major cities. So nobody would take them into a serious concideration.

Yes, this petition doubtful will be heard, maybe just noticed. The main thing here is that the government didn't explain their reasons why or maybe I just didn't find this info; as I know other countries who banned bitcoin told their concrete reasons.

[igordemin]

Yes, this petition doubtful will be heard, maybe just noticed. The main thing here is that the government didn't explain their reasons why or maybe I just didn't find this info; as I know other countries who banned bitcoin told their concrete reasons.

If it's have a form of law or act of any cind, it should have a full description. Probably no one tried to translate them into english, that's all.

[BitHodler]

With it's more than 50 mln population, 100 000 is less than a 0,002%.
And i'm sure that all this 100k people lives in a major cities. So nobody would take them into a serious concideration.

It might not seem like much, but it might actually have a slight impact in the end. Every tiny bit of positivity in favor of the exchanges will increase the chances of a good outcome, regardless of how small the increase is.

It's at least an effort to force through a change, which is better than people as sheeps accepting their government to act like a complete idiot by prohibiting something that can push their own economy forwards.

If South Korea ends up actually forcing through their ridiculous plans, we can prepare for a sharp decline in price that may even push the market below the $10,000 mark again. It is what it is, we can't do anything about it.

[Lucius]

I have to admit I'm surprised with such a development of events in South Korea,for me until recently it seemed that they go in the direction of Japan but instead they are going in direction of China and putting BTC on a black list.Although nothing is not over it only show that something is wrong between exchanges and politicians in SK government.It seems to me that these problems are initiated by some of them who did not get their piece of the pie or they think they did not get enough.

There will be more then 100 000 people who will sign this petition,yesterday it was only 50 000-and I think they can have some influence on government to not 100% ban cryptocurrency trading.BTC is survived without big China markets and it will survive even without South Korea exchanges.

[Kemarit]

The point here is that there are people in South Korea that loves crypto and they have something here to say to the government. I'm still confused if whether they are going to make a U-turn just like China did, but South Koreans are a big boost to the ecosystem. But if they did, then we will suffer again as what we have seen when China moves out, but in short term. I think what the government wants is to have control of the situation and the market prices, specially local trading platforms. They should instill strict regulations to at least control of everything and see how it goes. Its the South Korean bitcoin community that will be severely affected by the ban, if the government pursue it. Again we may suffer a slight dent on the price, but it will be temporary only because we still have the full backing of Japan and other friendly bitcoin countries.

[cynical]

I have read somewhere that the crackdown on the exchanges in South Korea with the excuse of tax avoidance is because as we know the general public license are absolutely crazy about crypto.
They are so crazy about crypto that many people were selling almost everything they have including houses to put into crypto.
to me that is a very dangerous move and that may very well be the real reason for the government crackdown,
to protect the the general public from themselves!
We see it from the news article, they want crypto badly!

[akramsh09]

hello what is the price of bitcoin ?