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Korea faces backlash from users and politicians

After South Korean Justice Ministry announced preparation of regulations to close country’s online exchanges, the citizen moved on to signing petitions and showing disinterest in the government.

More than 100,000 signatures have been submitted asking the government to take a back step from planning to close the online exchanges.

The announcement faced a swift pushback from within the government,, the president’s office claimed so such move is “finalized” yet. This announcement led to good fall of cryptocurrencies resulting in loss for users and traders

The public backlash pronounced itself extremely on Blue House’s website with numerous petitions being made. One of the petition received 30,000 signatures asking the government step down in light of the move received. One of the petitions alone received 100,000 and the website became inaccessible due to excessive traffic.

Cryptocurrencies need regulations to work properly and legally ina country. The South Korean government has tamped down on rumours regarding speculations surrounding cryptocurrencies.

 

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