>> It's the cryptocurrency craze that's got South Korea split, since the country cracked down on virtual coin trading with a proposal to ban it on Thursday. A deep generational gap has emerged. South Korea has been a crucial source of global demand for digital coins. However, older Koreans see at as a illegal gambling while Tech Savvy millennials were to quick to embrace trading.
As Reuter's Cynthia Kim in Seoul reports, now they've reason to defend it.>> As of Friday afternoon more than a 100,000 people joined to file petitions on the presidential website to prevent this from happening. And that took just about a day. Many college students even high schools have been traders of cryptocurrencies.
And some of them have been saw this as the only way to make big money really fast. I can see it's also related to the
] among young people here, because the economic outlook is dismal, because youth unemployment rate has never been higher. And everyone knows that there's going to be fewer and fewer quality jobs going forward.
>> The online uprising, which briefly crashed the site leaves President Moon Jae-in in a sticky position to manage the divide. And his office was quick to clarify on Friday, a ban is just one option on the table.>> One of the economists said that the officials might be afraid of people losing everything they have.
And that the blame could be falling on the government. At the center of it, the government fears it could cause social instability if too many people jump into the market. And the market can easily be used for money laundry and other crimes.>> But South Korea is not alone in struggling to find a way to regulate virtual currencies.
In September last year, China cracked down on cryptocurrency trading citing risks to the economy. Either way, the world will no doubt be watching South Korea with industry players saying the way Seoul cracks down could send ripples around the world.