In a report released on Dec. 6, fintech company Cindicator called Koreans one of the most crypto-friendly populations in the world:
“Right now there are several countries playing a game of thrones. Singapore, Malta, Estonia, Japan and Switzerland are among the worthy candidates for the title of ‘the world’s most crypto-friendly country’. If you’re looking for the most crypto-friendly population, however, South Koreans are clearly in the lead. It’s hard to find a nation that could be more ‘blockchain enthusiast’ than them.”
The report noted, among other things, that the price of Bitcoin against the Korean won was 5.5% higher on average than the global price, that Korean crypto assets are relatively volatile, and that the government is shifting towards a more blockchain-friendly posture.
Discussing Cindicator’s report, the Bitcoin Exchange Guide News Team noted that Koreans are responsible for about 30 percent of total trading of crypto-assets worldwide, and that 30 percent of workers making a salary in Korea own crypto or take part in the trading of crypto assets.
Cindicator pointed to Korea’s exceptional ability to adopt new technologies. Korea is one of the world’s leaders in R&D expenditure as a percentage of GDP, the report explains. The country has assimilated imported technologies into new, local technologies, economic growth and innovation, so much so that it now leads the Bloomberg Innovation Index. Cindicator writes:
“In this context, it is not a surprise that South Korea is like no other country when it comes to the adoption of new technologies. The country can count on the fastest internet in the world and it gave birth to the social network Cyworld in 1999, five years before the launch of Facebook.
It is therefore a very good sign for the crypto movement that blockchain technology and cryptocurrencies have found such huge support in this Asian country.“
Other Korean Crypto News:
(By Helen Partz, Cointelegraph)
(By Matthew Beedham, TNW)
(By Adrian Zmudzinski, Cointelegraph)
(By Teuta Franjkovic, Coinspeaker)
(By PRWeb, Virtual Strategy Magazine)