The South Korean government officially responded to a petition with over 20,000 signatures against the unfair regulation of the cryptocurrency. Regulators based their action on cryptocurrency and identified additional regulatory plans.
South Korea responded to the petition, entitled “and the government ever wanted happiness for his people?”. Submitted on December 28th, this petition calls on the government to over-regulate cryptocurrency in the country and “not to set unfair rules against investing in virtual currency.”
According to the rules established in the “blue house”, the government during the month must respond to any petition with over 200,000 signatures. January 16, the above petition has exceeded this threshold, as previously reported in news.Bitcoin.com. By 27 January, a total of 228 295 people signed the petition, and the government subsequently responded to him on Wednesday.
The Minister for government policy coordination (OPC) Hoon Us Ki said in his answer:
This is the main policy of the government to prevent illegal actions and uncertainties in the process of transactions with the virtual currency, and actively develop the blockchain technology … transparency of transactions with virtual currencies under the current law is a top priority…we were careful and cautious, closely watching market conditions, international trends and by all means”
The government was divided into several opinions
The Korean government has begun to announce measures to regulate the cryptocurrency in mid-December. Since then, regulators discussed a wide range of measures to curb speculation on the crypto market. They implemented a system of real names on January 30, completing the anonymous crypto-trade using a virtual account.
The most extreme measures were proposed by the Ministry of justice of Korea, including a direct prohibition of cryptocurrency trading and the closure of cryptocurrency exchanges. However, other financial regulators in the country did not support these proposals. Last week, Korean Prime Minister said that the closure of cryptocurrency exchanges is not a serious consideration.
The government was divided into several opinions, ranging from outright ban on the cryptocurrency trading and ending with the introduction of the institutions that will enter a currency in the system.
In addition, he explained that regulators are “to develop ways of taxing virtual currencies, led by the Ministry of Finance, and must declare these arrangements in the first half of the year to develop the blockchain industry.”