CryptoCurrency

South Korean authorities oppress the crypto industry

In fact, not everyone knows what caused the action of the Korean Ministry of Justice, which instructed to close all existing crypto currency trading platforms on the territory of the country.

In fact, the society took such steps quite ambiguously, there was a big resonance among the population. Reactions from the Koreans did not have to wait long, for a short period of time the site of the President of the country received more than four thousand applications and they all specify the subject of regulation of the market by the state. In one of the statements, a concrete proposal was made to send the South Korean Justice Minister to resign. It is noteworthy that such initiative was welcomed by other citizens of the country and 30 thousand of them signed under this petition. And under one of the statements, one hundred thousand signatures were collected. The excitement was so great that due to traffic congestion the site stopped working.

The authorities of the country were quite agitated by the actions of their citizens, as a result, the cardinal decisions regarding the crypto currency market were canceled and everything returned to normal. Moreover, the South Korean authorities stated that the decision on the crypto currency was spontaneous, this was not preceded by a large and serious analysis, and therefore, the cancellation of the proposal by the Ministry of Justice was quite logical.

The opposition authorities of South Korea also reacted to this problem, which have manifested themselves. In particular, great material was published in the daily newspaper The Hankyoreh, which posted an article from opposition forces on its pages. It says that the leaders of several political parties of the country in opposition at the same time called the government’s decision “a curb unilaterally, without conducting any debates or discussions.” The matter is that the oppositionists accuse the authorities of the fact that the latter completely ignore the opinion of the citizens of the country when making important decisions.

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“Before making a decision, it is necessary to conduct both detailed reviews and coordinate actions. If a problem arises, we need to first warn people and then give them a plan of action in advance,” said one Korean politician.

And it all began with the trend of power in relation to the crypto industry in South Korea, which resulted in the introduction of more and more barriers and restrictions of this market. Such a policy was motivated by the fact that the country decided to combat speculation in the market of crypto currency.

 

In a short period of time, the government introduced new rules that regulate the activities of exchanges and automated teller machines (ATMs) that work with a particular type of crypto currency. Also, within the framework of the authorities’ actions, the six largest organizations of the financial and credit market were thoroughly checked to see if they comply with the rules established by the state. According to the Korea Times, such actions of the state machine have entailed serious consequences, for example, a number of banks, including Shinhan Bank, issued a statement that they stop cooperating with crypto-exchanges.

During the audit of financial and credit institutions, large Korean exchanges, including Coinone and Bithumb, which also operate in the crypto currency market, have gone through checks. They made a check of the South Korean tax authorities, who suspect these institutions of tax evasion. And Coinone is also accused of creating activities related to the organization of gambling.

Some media published statements that the South Korean authorities are working on drafting bills that would completely ban the activities of some of the exchanges. Perhaps also will be set veto on anonymous trade in the country.

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