SEOUL, Jan. 11 (Korea Bizwire) – The governor of the Financial Supervisory Service, Choi Heung-sik, is facing resignation calls from investors over his anti-cryptocurrency viewpoint.
The FSS has found itself in hot water after threatening to ban all cryptocurrency transactions in South Korea, as frustrated protestors took to the official website of the presidential Blue House to criticize Choi over his lack of knowledge of a financial instrument that could replace money as we know it in the future.
A petition urging Choi to step down from his position had collected over 7,600 signatures as of Friday morning, claiming cryptocurrency investors make up President Moon Jae-in’s voting base, and hinting at a possible voters’ revenge.
The online petition, which first appeared on the website on Tuesday, will be taken into consideration by the Blue House if it manages to collect over 200,000 signatures within 30 days.
“Cryptocurreny investors are all lumped together as speculators. These 3 million investors are mostly young people who support President Moon, and are just citizens, not speculators,” the petitioner claimed online.
The petition also fired criticism at both FSS head Choi Heung-sik and Choi Jong-ku, the chairman of the Financial Services Commission, over their lack of understanding of blockchain technology and cryptocurrency.
“When you look at the government’s cryptocurrency policy, it fails to ensure equal opportunities and the process has been unfair, and the results unjust.
“Investors who are normal citizens have been least considered in the government’s policy,” the petitioner argued.
It’s not the first time a petition concerning cryptocurrency has been filed on the official website of the Blue House.
So far, a total of 555 online petitions regarding virtual currency, and 96 related to cryptocurrency have been filed.
Cryptocurrency investors in South Korea have been left up in arms in recent weeks, as the government has upped the ante in regulating cryptocurrency, hinting at an all-out ban on all trades.
Last month, an online post was uploaded on internet community DC Inside, instigating a protest.
“The government is seeking to ban all free trade of cryptocurrency without the slightest legal grounds. The tyranny of Moon must end now!” the post read.
Hyunsu Yim (email@example.com)