Bitcoin south korea exchange

The five most successful South Korean cryptocurrency exchanges

South Korea is one of them. In March , the South Korean National Assembly passed new legislation that paved the way for the regulation and legalization of cryptocurrencies and crypto exchanges. This action was taken in recognition of the burgeoning growing cryptocurrency ecosystem even in the midst of the COVID epidemic.

The legislation was designed to oversee an emerging industry and develop rules around anti- money laundering processes. According to a Korean study cited in Quartz, in , over a third of South Korea's workers were investing in cryptocurrencies like Bitcoin and Ethereum. In , a new government initiative introduced the country's own cryptocurrency, the S-coin, and the legislation passed in March was an attempt to dampen the enthusiasm in the markets, clamp down on the spread of blockchain , and control the volatility in the price of Bitcoin and other cryptocurrencies.

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These actions by South Korea reflect the nation's acceptance and even embrace of blockchain and cryptocurrencies. Several newspaper articles and reports have analyzed the affinity of South Koreans for cryptocurrencies and come up with theories for their popularity. Broadly those theories can be condensed into three. The first reason for the popularity of cryptocurrencies is the prevailing economic conditions in the country. Even though it is a fairly large and prosperous one, the South Korean economy suffers from a youth unemployment problem.

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• Buy Bitcoin and trade Crypto Currencies in South Korea with these Exchanges:.

The government unveiled a program to provide incentives to small and medium-sized enterprises to hire young workers. The same article quotes a something journalist who opines that cryptocurrency investments are also a means for a largely homogenous and well-educated workforce to distinguish themselves from peers. Familiarity with micropayment transactions is another reason for the popularity of cryptocurrencies. South Koreans have long been early adopters of technological innovation, whether it is social networks or video games. A robust gaming industry has made South Koreans comfortable with electronic micropayments, an idea that is yet to take hold in the West.

Businesses had cropped up around its games as well as black markets. While cryptocurrency-related businesses have yet to see similar revenues, they may be poised to do so now that the South Korean government is putting the appropriate regulations in place. The third reason for the popularity of cryptocurrencies is political uncertainty. In early , the nation unveiled a submarine-launched ballistic missile described as "the world's most powerful weapon. A combination of political uncertainty, familiarity with micropayment systems, and economic problems have made cryptocurrencies an attractive option for South Korean investors.

The country has always been an early adopter of key world-transforming technologies. It could be the case that the country may lead the way once again by incorporating cryptocurrencies into mainstream trading. Investing in cryptocurrencies and other Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs.

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Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. For most, however, the dream ended in a nightmare. The year-old now told his story to the New York Times: during the crypto boom of , he was virtually swimming in money.

But then came the big crypto crash of and he lost almost everything. Like Kim Ki-won, the year-old Kim Han-gyeol, who makes her living with her parents by doing odd jobs at Dunkin Donuts or as a part-time software developer, also had a similar experience. With crypto currencies she believed that she could quickly become really rich. By clever investments in crypto currencies she earned a small fortune. With the bursting of the crypto bubble in , however, this dream came to an abrupt end.

To be successful as a young person in South Korea, you have to get either a government position or a job in one of the large corporate conglomerates such as Samsung.



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However, this requires a university degree from one of the few elite universities and good relationships. Many young people are therefore disillusioned and have given up.



This feeling of hopelessness has been exacerbated by a series of political scandals that have revealed nepotism between politicians and South Korean corporate conglomerates. When crypto currency then appeared, this triggered a discussion in society as a whole. Not only in online forums, but also in the salons of intellectuals, the question was discussed whether this new monetary system could undermine the rigid social order of South Korea.

Why Is Cryptocurrency Trading Popular In South Korea?

One who succeeded in social advancement thanks to crypto currencies is year-old Remy Kim. It has since only been operating markets in bitcoin , ether and tether. Subscribe to , Subscribe. Read more about Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups.

Bitcoin south korea exchange
Bitcoin south korea exchange
Bitcoin south korea exchange
Bitcoin south korea exchange
Bitcoin south korea exchange
Bitcoin south korea exchange
Bitcoin south korea exchange
Bitcoin south korea exchange