Cryptocurrency users in South Korea have united together and are voting against the country’s proposed ban on the trade of digital currencies within the countries’ borders. The united public force is also demanding the resignation of several Korean ministers calling them corrupt.
In a survey conducted by the South Korean government, it has been found that more than a hundred thousand Korean people want the government to lift restrictions on the trade of digital currencies. Another 30,000 Korean people want the justice minister and the finance minister to leave their office and accuse them of manipulating the cryptocurrency markets for their own personal vendetta.
The South Korean law authorities have increased efforts to limit cryptocurrencies in the country in recent times, and the petitions are an outburst of the people against these moves which converted Korea from a cryptocurrency welcoming state to a hostile state.
As a result of the unstable situation in the country, CoinMarketCap excluded the country’s exchanges from its data sheets. The company said the reason for the removal was the extreme divergence in prices of digital currencies compared to other countries.
The backlash from the Korean public has seemed to affect the government, with sources saying that the government’s stance towards cryptocurrencies is getting softer in order to soothe the nerves of the angry public. For instance, the country’s National Security Agency said that the Justice Ministry has not yet made any final decision regarding cryptocurrencies and is seeking to involve all stakeholders as well as the public before taking a final call.
The previous announcement by the South Korean Justice Minister calling for a special law to ban cryptocurrency trading in the country sent currencies spiraling downwards, with Bitcoin losing more than $3000 over the past week.
The current anti-crypto stance of the South Korean authorities is turning out to be a boon for Japan, with favorable government policies towards cryptocurrencies making it one of the largest cryptocurrency markets in Asia and the world.