Young Adults In South Korea Are Inclined Towards Cryptocurrency
The central bank of Korea conducted polls from September to November last year in 2017. The total participants were 25011 and 40% out of those were young adults who found to be eager regarding the cryptocurrency, the digital money as per the results.
The results were on the means of transaction by the bank of Korea. The participants in the poll were aged 19 and above.
The polls statistics
Results revealed that 40% of the participants are young adults who are enthusiastic about cryptocurrency. And the people aged between 20 and 30 are well aware of cryptocurrency and want to invest their money in it to reap the higher returns in future.
The publication also added that
“21.6 % of the respondents are conscious of cryptocurrency. 24.2% of those respondents who are in their 20s are eager to invest in cryptocurrency whereas 20.1% of people who are in their 30s are enthusiastic about cryptocurrency.
The Korean bank observed that higher is the income of people the higher they have awareness about cryptocurrency. But the strange fact found is that the average earning people are most interested in investing in cryptocurrency. The average earning group comprises of people who earn 20 million won annually which is roughly equal to US $18,600.
Also, the weird fact is that there are only 5.2 respondents who are the holders of cryptocurrency. Out of those, most people are in their 30s covering 9.4% while 6.2% people holding cryptocurrency are in their 20s.
86.7 % of the respondents stated the reason for holding cryptocurrency is to invest in it. Out of these, 24.2% and 20.1% are in their 20s and 30s respectively. On the other hand, only 5.7% and 2.2% of those are in their 60s and 702 respectively believe the same way.
The announcement from the Bank of Korea
The Korean bank has clearly stated that cryptocurrency is not recognized as money. According to the governor of the Korean bank, Lee Ju-yeol said at the meeting of National Assembly Finance Committee: cryptocurrency, the digital currency is too far from the exact monitory nature, and I think it would be right to see it as a commodity or an asset. The governor further said that they will conduct monitoring and research on virtual currency and will take the same position as per the G-20 Summit guidelines.
Although, South Korea has some of the largest cryptocurrency exchanges in the country. The Upbit exchange backed by Kakao, the biggest conglomerate in South Korea and Bithumb are the fifth and sixth largest cryptocurrency exchanges with the worth of daily trading $952 and $582 million respectively.
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