south korea bitcoin

South Korea has been for quite a long time, a large hub in the cryptocurrency world. With incredibly fast internet speeds, the country has become a hotbed for cryptocurrency trading on par with only some of the top countries in the space.

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The market in South Korea has since become the number 3 market for all of bitcoin trading only after Japan and the U.S., and seems as though they are only continuing to rise in this space. They currently can brag about the fact that they are the largest trader for ethereum, the number two cryptocurrency in the world by market capitalization. South Korea currently has around 1 million registered daily traders of the currency, which is equivalent to around one out of every 50 citizens.

The market has been insane within the country, but it also has been quite worrying for the South Korean government. Authorities have been extremely concerned with the new method of fundraising that lies within the cryptocurrency world known as initial coin offerings. Initial coin offerings or ICOs are simply where a company offers coins in exchange for money as opposed to the traditional form of fundraising where a company would offer stock. This type of fundraising has led to a high amount of fraud and loss for investors in the past.

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As of September, the country ordered a ban on ICOs stating that “cryptocurrencies are neither a money nor currency nor financial products. The South Korean government has reaffirmed an earlier stance that the state doesn’t guarantee the proper value of virtual currencies.” The hopes are high that the government of South Korea can overcome what many are calling a fear of cryptocurrency, and begin to accept and foster the trading of the new currency within the country’s borders.


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