Korea's Crypto Crackdown Talk Draws Backlash From Users and Politicians

Extra than a hundred,000 South Korea residents have signed petitions asking the authorities there to step again from any plans to shut the u . s . a .'s cryptocurrency exchanges.

Earlier this week, the South Korean Justice Ministry introduced that it changed into making ready law to shut the u . s .'s online exchanges amid a speculative boom in cryptocurrencies. That shot throughout the bow became paired with the news that tax authorities have been investigating as a minimum some of the exchanges in Korea, and in the hours to return.

But the suggestion drew swift pushback from in the South Korean government – the president's workplace, specifically, said no pass is "finalized" as of but – as well as cryptocurrency supporters and buyers within the united states who cried foul because the statements sparked a fall in cryptocurrency costs.

The public backlash towards the proposed move appears to be accelerating. on the Korean president's Blue house internet site, extra than four,000 petitions had been filed related to "digital currencies" due to the fact that Jan. 10.

One petition asking the Minister of Justice to step down in mild of the pass received extra than 30,000 signatures on its own. in step with Reuters, one petition alone has attracted greater than 100,000 signatures and the website itself have become inaccessible at one point because of excessive traffic.

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