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    IT
    Bitcoin investors force South Korea to go back on planned ban
    Posted : 2018-01-12 11:48
    Updated : 2018-01-12 17:04
    The electronic board at an exchange in Yeouido shows a tumble in the prices of cryptocurrencies after the government's anti-speculation measures Thursday. The government backed down in the face of massive investors' protests with the prices having recovered. / Korea Times

    By Oh Young-jin

    Cryptocurrency "investors" have forced the Korean government to halt its plan that could include a ban on its trading.

    Tens of thousands of people flooded the presidential online petition board to protest Justice Minister Park Sang-ki's earlier reference to the closure of Bitcoin exchanges.

    "Park's remarks are just one of the options on the table," presidential office spokesman Yoon Young-chan said.

    Online comments include "Cryptocurrencies die, I die," "Cryptocurrencies are the essence of the fourth industrial revolution so killing them is like killing the future," among others.


    One post says that small-time investors have taken the fall while the big ones have made a fortune. "Young people in their 20s and 30s have lost a lot. For that, we will take revenge on the government in the June 13 local elections."

    The number of petitions against the ban of cryptocurrency surged past 50,000 in a matter of hours following the justice minister's announcement.

    About 28,000 petitioned for the dismissal of Financial Supervisory Service Chief Choe Heung-sik, the regulator that is leading the government's effort to bring the speculation over virtual coins under control.

    The prices of Bitcoin and other virtual currencies have since recovered. /
    foolsdie@gmail.com More articles by this reporter

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    Shinhan and other Korean banks plan to phase out virtual currency accounts in line with the government’s moves to take the heat out of the overheating cryptocurrency market. Shinba...
    Bitcoin collapses as South Korea threatens to ban trading
    The prices of bitcoin and other virtual currencies plummeted more than 10 percent after South Korea floated the idea of banning cryptocurrency trading. The announcement on Thursday...
    South Korea at a loss over virtual coins
    The government has come under growing criticism for showing discord in dealing with the controversial cryptocurrency trading. The justice ministry said Thursday it was preparing a ...


     
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