Korean millennials keen on cryptocurrency | finder.com

Korean millennials keen on cryptocurrency

Peter Terlato 28 March 2018 NEWS

More than two million South Koreans are estimated to own a share in some digital currencies.

South Korea is a hotbed for cryptocurrencies, hosting some of the largest global exchanges and numerous, innovative blockchain and crypto-focused startups. Understandably, the country’s youth are taking notice.

A new study by the Bank of Korea reveals that the younger generation of South Koreans in their 20s and 30s are acquainted with cryptocurrencies and are interested in entering the expanding digital currency marketplace.

Yonhap News reports that of the 2,511 respondent surveyed by the central bank, around one-fifth (21.6%) were aware of cryptocurrencies. Almost one third of those in their 20s (29.4%) knew about virtual currencies, while respondents in their 30s (4.3%) were even more familiar with the burgeoning technological industry.

Around one quarter of 20-something South Koreans (24.2%) and one-fifth of 30-somethings (20.1%) are keen to invest in cryptocurrencies, such as bitcoin, Ethereum and Ripple.

However, only a small proportion of those in their 60s (5.7%) and 70s (2.2%) have heard of digital currencies. Despite these statistics, respondents in their 60s (6.8%) and 70s (8.3%) encourage cryptocurrency adoption.

More than two million South Koreans are estimated to own a share in some digital currencies.

In late January, South Korea’s finance minister Kim Dong-yeon silenced persistent rumors of a potential government-enforced crypto trading ban. “There is no intention to ban or suppress cryptocurrency,” Kim said.

In February, the South Korean government’s top financial regulator outlined a new set of measures aimed at curbing speculation and eliminating anonymity within the country’s expansive cryptocurrency market. South Korea’s Financial Services Commission (FSC) released the anti-money laundering (AML) guidelines with the underlying goal of only allowing accounts with a users’ real name to be used for cryptocurrency trading.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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