A new survey has found that 40 percent of young adults in South Korea are willing to invest in cryptocurrencies, highlighting the frenzy the market is experiencing in the country.
The Bank of Korea (BoK) conducted a poll among 2,511 participants and found that 21 percent were aware of digital currencies such as bitcoin and ethereum. However, that figure rose to 29.4 percent for the 20-somethings age group and 40.3 percent for those within the 30-something age bracket, reports The Korea Times.
Of those who responded, 24.2 percent in their 20s indicated they were interested in investing in cryptocurrencies whereas, 20.1 percent within the 30 age group said they were eager to invest. Interestingly, those in their 60s and 70s also said that they were keen to get involved in the digital currency market. The survey found that 6.8 percent and 8.3 percent said they were in favour of cryptocurrencies.
In recent months, interest in cryptocurrencies in South Korea has increased.
Earlier this month, South Korean news agency, Yonhap, reported that a survey had found that those in their 20s were the most active in investing with digital currencies. Home to one of the world’s biggest private bitcoin exchanges, it’s estimated that over two million people own cryptocurrencies.
The survey, conducted by the Korea Financial Investors Protection Foundation in December, found that 22.7 percent of those in their 20s, from 2,530 people aged between 25 and 64, had purchased digital currencies. Those in their 30s came in second at 19.3 percent, followed by 12 percent for those in their 40s. Numbers for people in their 60s reached at 10.5 percent and those in their 50s at 8.2 percent.
South Korea’s government has been on and off with the cryptocurrency market leaving many unsure as to where it stands with it.
At the end of January, South Korea banned the use of anonymous digital currency trading accounts, ordering investors to use real-name accounts instead if they wished to continue trading with digital currencies. However, while it has said in the past that it will remove illegal acts in cryptocurrency trading, it doesn’t appear to want to ban the market. This is despite initial concerns that it was following China’s footsteps in prohibiting cryptocurrency activities.
Earlier this month, it was reported that authorities were putting a plan together that will permit initial coin offerings (ICOs) for domestic traders, despite initial reservations with the market.
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