Home Crypto Regulation See How South Korea Government Reacts To Petition Against Unfair Bitcoin Regulations

See How South Korea Government Reacts To Petition Against Unfair Bitcoin Regulations

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The south korean government has  officially responded to the popular petition against ‘unfair’ bitcoin regulations. The petitioned tagged: “Has the government dreamed a happy dream for the people” which was filed on December 28 2017, had more than 200,000 signatures as at January 16 2018.


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So in keeping with the rules set by the Blue house that the government will respond to any petition with 200,000 signatures in a month the government responded to the petition on wednesday.

Hong Nam-Ki, minister of the office of government policy coordination (OPC) said in his response:

It is the basic policy of the government to prevent illegal acts and uncertainties in the process of virtual currency transactions, and actively nurture blockchain technology -Transparency of virtual currency transactions within the framework of current law is a top priority-We have been attentive and careful, keeping an open eye on market conditions, international trends, and all means.

Hong added that government is still divided with many opinions ranging from an outright ban on cryptocurency trading to bringing the institutions that handle the currency into the system, and that the government will thoroughly review the industry within global norms. He also said South Korea (led by the finance ministry) will develop ways to to tax virtual currencies, and should announce measures to develop the blockchain industry within the first half of the year.

What do you think of the South Korean response to the petition filed against her for unfair cryptocurrency regulations? Do you think the response satisfactorily addresses the concern of the petitioners? Or does it seem that the South Korean government is evading the isssue at hand? We will appreciate to get your comments.

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