The Rating of South Korean President Declines Because of Inefficient Cryptocurrency Regulation

President Moon Jae-in of South Korea
AP: President Moon Jae-in of South Korea
Latest polls indicate that the approval rating of President Moon Jae-in of South Korea has dramatically reduced amidst the conflict regarding the likely closure of cryptocurrency exchanges in the country.

Local media outlets indicate that 59% of respondents stated that concerning managing government matters, the president’s work was exemplary. It was an 80% drop from when he was initially chosen as the South Korean president.

Reducing Fame

The decline is maybe due to the disagreement about a government plan to regulate (or entirely prohibit cryptocurrencies after Park Sang-ki, the Justice Minister implied that local exchanges would be shut down completely. The Justice Minister’s remarks led to confusion and were due to the reduction of cryptocurrencies price, in some instances by 20%.

Only some hours following the declaration and after very many people hurried to the state’s website to sign appeals rejecting a possible shutdown, the Blue House (the presidential office) explained that the country had not yet come to a final conclusion.

It declared that Park Sang-ki made this declaration without the permission of the Ministry of Strategy and Justice as well as other state agencies concerned with the task force for cryptocurrency regulation in South Korea. 

Also, the presidential office insisted that it does not consent or back the Ministry of Justice’s decision to prohibit cryptocurrency trading. 60,000 and more citizens voted in an appeal to sack Park Sang-ki after the rash and contradictory reports.

Regulatory Plan

This likely step toward regulation was highlighted more in a report from the cryptocurrency task force in South Korea who stated that the government would adhere to the regulatory plan presented by other vital states working in the sector like the U.S. and Japan.

Therefore, even though at the moment we cannot be sure, it is very doubtful even in future, that a trading ban on cryptocurrency will be implemented. It is monumental news for the world of crypto since according to reports, South Koreans numbering three million might have made investments in cryptocurrencies. The local market is considered to make up for almost ¼ of the world market regarding transactions.