Large Part of South Korean Population Receptive of Cryptocurrencies

A large part of the South Korean population is receptive to cryptocurrencies. An extensive poll by the South Korean central bank reveals that about 40% of the adult population is open to holding cryptocurrencies. The survey which involved 2,511 people also shows that people with low income were more enthusiastic about digital assets. People with higher incomes however had higher levels of awareness about cryptos.

South Korea is one of the major centres for cryptocurrency transactions and hosts the fifth and sixth largest cryptocurrency exchanges.

Yonhap reports that the poll was conducted from November 2017 and involved adults aged 19 and older.

At more than 40% South Koreans in the 20s and 30s are the most aware about cryptocurrencies, the poll shows. It is also this population that is more willing to make investments in cryptocurrencies.

“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…24.2 percent of those in their 20s are eager to invest in cryptocurrencies, while 20.1 percent of people in their 30s are also enthusiastic,” Yonhap reported.

Of the respondents interviewed, only 5.2% actually held cryptocurrencies. Those in their 30s held the most at 9.4% followed by those their 20s who held  6.4%, the poll shows.

South Korea is coming with proposals for regulating the sector as part of the G20 summit agreement by central bank governors and finance ministers. Members will submit their proposals by July.

The Korean central bank governor has thrown his weight behind the decision to monitor and conduct more research on the sector. The central banks does not recognize cryptocurrencies as money but the digital assets continue to attract a lot of attention from its citizens.

Bithumb and Upbit are the most noticeable exchanges in the country and command a huge share in terms of market capitalisation.