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Korean investors and cryptocurrencies

Mar 04, 2018 Posted /  3753 Views

Korean investors and cryptocurrencies

Why are South Koreans so enthusiastic for cryptocurrencies?

Tai-ki Lee, a senior research fellow at the Korea Institute of Finance says that Korea’s individual investors have long had a likeness for supercharged financial ventures. Bitcoin’s stateless position urges to a few citizens who have grown cautious of managing their savings in a nation that shares a border with North Korea, according to Kwak Keumjoo, professor of psychology at Seoul National University. Whatsoever the reason, even the central bank has had to request staff to desist from trading cryptocurrencies, mainly during the work hours.

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Largest Markets

South Korea is the third-largest marketplace for bitcoin trades in the world, after Japan and the US. The country is home to over a dozen of digital currency exchanges, plus the requirement there is so soaring that digital currencies trade a bit at a premium of in so far as 30% greater than prices in other countries. This information's point to the remarkable boost in interest in digital currency investment in South Korea in current years.
In response to the outbreak of movement, the South Korean government has gone thus far as to tag the movement "illogical." of late, the government has begun to intervene, frightening to prohibit all cryptocurrency as well as moving to close up some exchanges.

North Korea trying its hands in the crypto world

The exposures of the newest attacks on South Korean investors come as the country's government is thinking whether to get tough on cryptocurrency trading in its borders. If the South Korean government constricts regulations as well as exchanges in the country increase security, the Recorded Future researchers said that North Korean hackers can "look to exchanges as well as users in other countries"

South Korea skeptical about regulations

South Korea is yet to make a decision how to regulate cryptocurrency trading, a senior government official said, stressing on Seoul’s make efforts to manage a market that critics say remains unclear as well as susceptible to risks, for example, money laundering. Asia’s fourth-largest economy has become a center for virtual currency trading where even housewives plus students keenly accepting the market. Global policymakers have recommended that investors should be vigilant given the need for an extensive authoritarian lapse. Seoul has given contradictory signals on how it might control cryptocurrency trading. Authorities have appeared to line up back from previous warnings of a probable prohibition of domestic virtual currency exchanges, though Hong’s newest comments highlight the possible disagreements amongst officials on applying a wide regulatory framework.
South Korea’s regulators last week assured normalization in cryptocurrency trade as well as signaled an enthusiasm to assist encourage blockchain technology.

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Tags: South Korea Cryptocurrencies Korean investors korean countries

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