Bitcoin investors force South Korea to go back on planned ban
The electronic board at an exchange in Yeouido shows a tumble in the prices of cryptocurrencies after the government’s anti-speculation measures Thursday. The government backed down in the face of massive investors’ protests with the prices having recovered. / Korea Times
By Oh Young-jin
Cryptocurrency “investors” have forced the Korean government to halt its plan that could include a ban on its trading.
Tens of thousands of people flooded the presidential online petition board to protest Justice Minister Park Sang-ki’s earlier reference to the closure of Bitcoin exchanges.
"Park's remarks are just one of the options on the table," presidential office spokesman Yoon Young-chan said.
Online comments include “Cryptocurrencies die, I die,” “Cryptocurrencies are the essence of the fourth industrial revolution so killing them is like killing the future,” among others.
One post says that small-time investors have taken the fall while the big ones have made a fortune. “Young people in their 20s and 30s have lost a lot. For that, we will take revenge on the government in the June 13 local elections.”
The number of petitions against the ban of cryptocurrency surged past 50,000 in a matter of hours following the justice minister’s announcement.
About 28,000 petitioned for the dismissal of Financial Supervisory Service Chief Choe Heung-sik, the regulator that is leading the government’s effort to bring the speculation over virtual coins under control.
The prices of Bitcoin and other virtual currencies have since recovered. /