South Koreans File Online Petitions Seeking to Remove a Chief Regulator After Harsh Crypto Comments

As the South Korean government continues to ramp up its harsh rhetoric against cryptocurrencies, citizens are becoming increasingly outraged by recent statements from regulators. Petitions demanding the resignation of the boss of the country’s Financial Services Commission (FSC) surfaced on the Internet over the weekend.

More than 141,000 signatures collected inpetition

The president’s website is currently receiving thousands of petitions from disgruntled people, ranging in age from 20 to 39, demanding the resignation of FSC chief Eun Soon-soo. The straw that broke the camel’s back was Eun’s statements this weekend that cryptocurrencies have no intrinsic value.

But this is nothing new for South Korean government agencies or banking institutions. In fact, this is the same rhetoric repeated by the government in Seoul and the Bank of Korea regarding cryptocurrencies.

However, Eun did not hesitate to warn about the new rules that have come into effect.

If domestic cryptocurrency exchanges do not comply with the authorities’ new rules by September, they will have to close, and he even warned that most exchanges are at risk of being shut down.

At the time of publication, one of the most popular petitions on the government’s website had gathered 141,659 signatures calling for the resignation of the FSB chief. Another has 8,567 signatures.

Reactions from the South Korean political scene

In addition, the website has created a petition asking people to ask the government to recognize the crypto industry as legal before it plans to tax cryptocurrencies starting in 2022.

Because of the influx of petitions, a member of the Democratic Party told Yonhap that they are studying the issue and also trying to evaluate it with young people who invest heavily in cryptocurrencies. However, the official added:

Basically, it is good to leave the issue of cryptocurrencies to the market. Intensive countermeasures by the public authorities are needed to curb the spread of illegal activities and the damage caused by fraud as a result of overheated investments.

What do you think of the petitions on the South Korean government’s website? Let us know your comments in the section below.

Tags in this story

Crypto, domestic exchanges, Eun Soon-soo, Financial Services Commission (FSC), removal head FSC, petitions, regulation, regulators, South Korea, South Korean exchanges, South Korean government, warnings

Photo credit: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.