A new report published by financial services company, KB Financial Group Inc. covered cryptocurrency investments within the Asian nation and discovered that only very few people have an interest in owning the digital assets.
The Seoul-based company conducted a survey that involved 600 households that owned financial assets of more than KRW 500 million (around $447,000) from April to May. Also, 400 high profiled respondents with over KRW 1 billion in financial assets (around $894,000) were covered in the survey.
The overall statistics gathered by the KB group and published earlier this week revealed that as many as 74.8% of respondents had no intentions to invest in cryptocurrencies anytime soon. A further 23% said they would consider crypto investments if situations demand it while just 2% agreed to invest in the digital assets anytime in the future.
The global outlook for cryptocurrencies, however, looks brighter with Tokentimes revealing in a more detailed report that 29 percent of global asset holders and 52 percent of Asian asset holders — excluding Japanese residents — are interested in cryptocurrency investments.
Crypto apathy in South Korea
No one would be wrong to expect that the low statistics for South Koreans interested in cryptocurrencies will increase in the near future.
The country’s crypto ecosystem has just escaped from a period of uncertainty regarding cryptocurrencies and exchanges. During those super dark days, banks were banned from dealing with the exchanges while ICO’s were outrightly prohibited since it was considered to be an illegal investment tool.
However, in the last month, the South Korean authorities have enacted strict rules to govern the crypto markets such as banning anonymous trading, forbidding minors and government officials from trading and taxing exchanges substantially. On the bright side, the outright ban on ICOs has been lifted; crypto exchanges are back as legal entities while BTC was also legalized as a remittance method in the region.
While the nation tries to get used to the rigid markets proposed and enforced by the authorities, it will also take some time before residents change their mindset towards cryptocurrencies. Right now, we cannot draw a timeline on when this will happen, but it will happen!
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