South Korea Responds To Cryptocurrency Petition

- Advertisement -

February 15, 2018 12:10 AM

A public petition that requested the South Korean government refrain from hardline virtual currency regulation has drawn a response from Hong Nam-ki, minister of the office for government policy coordination.

A February 13, 2018 report said that the petition issued to the government by South Korean citizens, which demands a stay on a cryptocurrency crackdown, has reached 280,000 signatures, prompting a response from public officials.

In the case of petitions, the South Korean government is required to respond to those that garner over 200,000 signatures within a month. At one point the public’s demand for the government to steer away from a cryptocurrency ban caused the official presidential “Blue House” website to temporarily go offline, overloaded by visitors trying to sign the petition.

In response to the public outcry, Hong Nam-ki, minister of the office for government policy co-ordination, issued a statement:

“The government’s basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology.”

The public petition arose following South Korean Justice Minister Park Sang-ki’s statements on January 10, claiming the government was preparing legislation aimed at banning cryptocurrency trading through exchanges. Concerns over this may have been partially allayed by Finance Minister Kim Dong-yeon, who, in the weeks to follow, said that the government had “no intention to ban or suppress cryptocurrency.”

- Advertisement -

Hong addressed the contrasting statements between various officials: “The government is still divided with many opinions ranging from an outright ban on cryptocurrency trading to bringing the institutions that handle the currency into the system.”

South Korea may also have plans to tax cryptocurrencies, according to Hong, which implies that commerce facilitated from trading could bolster the state treasury. A ban might stifle the prospects of tax revenue that would result from trading activity.

Hong said that after a thorough investigation, the government will announce what plans it has, if any, to expand and regulate blockchain- and cryptocurrency-based businesses.

- Advertisement -

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

Like what you read? Follow us on X @Bitnewsbot to receive the latest South Korea, cryptocurrency or other Ethereum law and legislation news.



Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

Top Best Metaverse Worlds To Buy Land

The metaverse has grown in our everyday conversation since Facebook announced its rebranding in October 2021 to META. The metaverse is a virtual world,...