South Korea

A Bank of Korea poll  has revealed the popularity of cryptocurrency in the nation. The survey shows that South Koreans in their 20s and 30s are familiar with cryptocurrencies and are willing to invest in them.

A favorite among those in their 20s and 30s

Poll results, as reported by The Korea Times, showed that 21.6% of the 2,511 participants were aware of cryptocurrencies with 29.4% and 40.3% amongst respondents in their 20s and 30s, respectively. The technology doesn’t chime with those in their 60s (5.7%) and 70s (only 2.2%), which is unsurprising.

The poll also shows that nearly a quarter of the millennials surveyed are the most willing to buy into the cryptocurrency hype, and just over a fifth of the 30-somethings hold the same eagerness.

The news outlet, Yonhap News Agency also reported that an estimated 2 million of the country’s population own some of the most popular cryptocurrencies available, which is a significant number and is reflective of the growing adoption of cryptocurrencies and blockchain technologies as a whole.

Reversing the negative press

Over the past six months or so, South Korea has been in and out of initial coin offerings (ICO) and cryptocurrency-related events, with rumored crackdowns on exchanges and ICO bans being cause for concern with the native crypto-hungry populace and also that of the world.

But as BitcoinNews.com has been reporting, blockchain solutions and cryptocurrencies don’t seem to be showing any real signs of stopping. Especially not since some of the wealthiest major industrial conglomerates in South Korea have now stepped into the cryptocurrency industry; they are heading some of the most prominent exchanges in South Korea and the world, as well as developing blockchain platforms similar to that of the Ethereum network.

The poll makes for remarkable news and there are growing needs for the South Korean government as well as its regulators to hastily make sense of how they can integrate the technology practically and legally.

Though official, the poll doesn’t accurately reflect the actual level of the crypto-frenzy that is taking South Korea by storm.

South Korean prominence

Korean job portal Saramin also conducted a study back in December 2017. The poll sent via email found that more than three out of ten salaried workers are invested in cryptocurrencies; 80% of the poll’s respondents were in their 20s and 30s.

The study that polled 941 people also offered a detailed insight into the returns made, with a fifth of them making average profits of 425% on their investment.

CoinHills.com reports South Korea as being the third most abundant trader of Bitcoin in 24-hour volumes, putting it below the United States by who is second to Japan, and ahead of European traders.

Despite mounting concerns over cryptocurrencies, these enlightening and positive progressions in South Korea are going to be a large part of the global discussion as everything crypto-related moves positively onward.

 

 

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