Skip to main content

South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

South Koreans File Online Petitions to Ask Financial Watchdog Chief's Removal After Harsh Crypto Comments

As the South Korean government keeps strengthening the harsh rhetoric against cryptocurrencies, citizens have become increasingly angry due to the recent words from regulatory authorities. Over the weekend, petitions started to appear on the web, seeking the removal of the head of the country’s Financial Services Commission (FSC).

Over 141,000 Signatures Collected in One Petition

The presidential website is now being filed with thousands of petitions from furious people aged 20-39, seeking that Eun Sun-soo, the FSC’s chief, resign. The drop that broke the glass were the statements from Eun over the weekend, who stated that crypto has no “intrinsic” value whatsoever.

But that’s not something new within the South Korean government’s bodies nor banking institutions. In fact, that’s the same rhetoric replicated by Seoul’s government and the Bank of Korea regarding cryptos.

However, Eun has been quite active in his warnings on the new regulations that came into force.

If domestic crypto exchanges didn’t comply by September with the new set of rules enacted by the authorities, they should close, and he even warned that most of the exchanges are at risk of facing such closures.

As of press time, one of the most popular petitions filed on the government’s website has 141,659 signatures asking for the FSC head’s removal. Another one has 8,567 signatures.

Reactions From the South Korean Political Sphere

Also, there is a petition created on the website, where people are asking the government to recognize the crypto industry as a legitimate one ahead of its intentions to tax cryptocurrencies starting from 2022.

In the wake of the flooding of petitions, a Democratic Party member told Yonhap that they’re looking into the issue and also trying to assess it “with young people who invest a lot in cryptocurrencies.” However, the official added:

Basically, it is right to leave the cryptocurrency issue to the market. The government’s high-intensity countermeasures are necessary for the spread of illegal activities and fraud damage caused by overheating of investment.

What do you think about the petitions filed on the South Korean government’s website? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3tZtZuX
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more