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 countryâ€™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 FSCâ€™s chief, resign. The drop that broke the glass were the statements from Eun over the weekend, who stated that crypto has no â€œintrinsicâ€ value whatsoever.
But thatâ€™s not something new within the South Korean governmentâ€™s bodies nor banking institutions. In fact, thatâ€™s the same rhetoric replicated by Seoulâ€™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 didnâ€™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.
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 theyâ€™re looking into the issue and also trying to assess it â€œwith young people who invest a lot in cryptocurrencies.â€ However, the official added:
What do you think about the petitions filed on the South Korean governmentâ€™s website? Let us know in the comments section below.
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