As the South Korean government continues to intensify harsh remarks on cryptocurrencies, citizens have become more and more angry due to recent remarks by regulators. Last weekend, petitions began to appear online, demanding the removal of the head of the country’s Financial Services Commission (FSC).

More than 141,000 signatures collected in a petition

The president’s website is now submitting petitions to thousands of angry people between the ages of 20 and 39 to seek the resignation of the FSC chief. Eun said in a statement issued over the weekend that cryptocurrencies have no “intrinsic” value.

But this is nothing new in South Korean government agencies and banking institutions. In fact, this is the same as the statement of the Seoul government and the Bank of Korea regarding encryption.

However, Enen’s warning about the entry into force of the new regulations is very positive.

If domestic cryptocurrency exchanges still fail to comply with the new regulations issued by the authorities by September, they should be closed. He even warned that most exchanges are at risk of such closures.

As of press time, one of the most popular petitions submitted on the government website had 141,659 signatures calling for the removal of the head of the FSC. The other has 8,567 signatures.

South Korean political response

In addition, a petition was created on the website, people asking the government to recognize that the cryptocurrency industry is legal before it intends to tax cryptocurrencies from 2022.

After the flood of petitions, a member of the Democratic Party told Yonhap News that they are investigating the issue and trying to evaluate the issue “with young people who have invested a lot of money in cryptocurrency.” However, the official added:

Basically, it is correct to leave cryptocurrency issuance to the market. The government’s high-intensity countermeasures are necessary for the spread of illegal activities and fraud damage caused by overheated investment.

What do you think of the petition on the Korean government website? Let us know in the comments section below.

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Cryptocurrency, domestic exchanges, Yin Sun-, Financial Services Commission (FSC), removal of FSC heads, petitions, petitions, regulations, regulatory agencies, South Korea, South Korea, South Korea exchanges, South Korean government, warnings

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