About 40 percent of young Korean adults support Cryptocurrency

In a recent nationwide survey conducted by the Korean Central Bank on acceptance of cryptocurrency as a form of transactions shows that 40% of young adults support the idea. In the poll, 25,000 people who are in their 20s and 30s participated and about 10,000 of them are familiar with cryptocurrency and would invest in them.

According to the official press release on Korean Times, “Only 5.7 percent of those in their 60s and 2.2 percent of people aged over 70 said they have heard of digital currencies.” The report revealed that although younger individuals are quite aware of the cryptocurrency industry, however, people in the higher income level are more comfortable in investing in cryptocurrency than those at the lower end.

Notwithstanding, senior citizens who participated in the survey constituting about 7.7 percent of the respondents replied that they have heard of digital money and are supportive of the new currency. “Some 21.6 percent of 2,511 respondents said they are conscious of cryptocurrencies, with the number soaring to 29.4 percent and 40.3 percent among 20-somethings and 30-somethings, respectively, according to the poll by the Bank of Korea (BOK).” The report added.

Favorable stance in Korea for cryptocurrency

Concerning the cryptocurrency and blockchain industry, The Republic of Korea has in over the years proven that it is a leader in the industry. In March 26, the country announced that cryptocurrency would be available in more than 6,000 outlets. The country partnered with leading cryptocurrency exchange and mobile service Payment Company to make accessibility to bitcoins easier.

The world’s fifth and sixth largest cryptocurrency exchanges Kakao’s affiliate and Bithumb operates from South Korea. The Bank of Korea officially do not recognize cryptocurrency as a money, stating that it is still a long time before the technology fully matures. Earlier this year, Korean authorities debunked a rumours that they were planning to ban bitcoin and other cryptocurrencies. The were only planning some protective restrictions.

Troubles affect Bitcoin Prices

As at the time of writing, the price of bitcoin has dropped significantly to $8,000 a seven percent decrease in what industry experts called an after effect of Twitter’s ban on cryptocurrency ads on its platform. Facebook led the way with a ban announced in February. Google and Twitter has followed suit with Google expected to implementing its new anti-crypto ads In June this year.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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