Only 20% of Young South Koreans are unaware of Cryptocurrencies

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by | 30th March 2018 | 0 comments

In a recent survey conducted by the South Korean central Bank, the majority of the young citizens, who range in age from their 20s to their 30s, are not only aware of cryptocurrencies but would be willing to invest in the digital coins. This was just reported by the South Korean news agency, Yonhap 

The Bank of Korea survey showed that 21.6 percent of the 2,511 respondents know about digital currencies. The survey also showed that the percentage of those who want to invest in cryptocurrencies was at 24.2 percent. This was for the respondents in their 20s. The number of respondents in their 30s was at 20.1 percent.

Looking at the older population in South Korea, in the survey, the numbers are much smaller. Only 5.7 percent of people in their 60s and 2.2 percent of those in their 70s said they know anything about cryptocurrencies. The other numbers show that 6.8 percent and 8.3 percent, respectively, show that they would consider investing in cryptocurrencies, like bitcoin, Ethereum or Litecoin.

The head of the Bank of Korea, within the last year, Lee Ju-yeol, said that cryptocurrencies should be regulated as a commodity on the South Korean Cryptocurrency Exchange and not as a currency.  “It is difficult to look at [virtual currencies] as money by [the definition] of Bank of International Settlements (BIS). Regulation (of virtual currencies) is appropriate because it is regarded as a commodity. It [cannot be] regulated at the level of a currency.”

Liechtenstein to Regulate Cryptocurrency Block Chains

In other headlines, surrounding digital coins, according to news article in Coin Telegraph, the government of Lichtenstein will introduce new legislation to regulate Block chain businesses. They will also monitor underlying Block chain systems. Prime Minister Adrian Hasler announced these new regulations during a speech at the Finance Forum in Vaduz,

The prime minister of Liechtenstein plans to present the new bill to the parliament and into law during the summer session. The law is crafted in a way that current business models based on block chain technology are integrated so that they provide legal as well as regulatory options that protect both businesses and customers.

Hasler said, during his remarks before the finance forum that “the regulations will make us one of the first nations worldwide to regulate this topic this broadly, laying the groundwork for extensive economic applications.” He also said that he recognizes the diversity of the technology underlying block chains.

“[It’s] not just for cryptocurrencies like Bitcoin, but has several other [uses],” he said. These could include usage for other properties like automobiles, music licenses, and securities. These could be traded using the underlying technology of block chain.  Therefore, Hasler views that the government support of the innovation is a strategic success for not only his country but for the developing technology.

He also pointed out that neither trading of cryptocurrencies or   their usage as a method of payment will be covered by the new special licensing requirements. Also of note, The Financial Market Authority of Liechtenstein has only published two booklets on digital coins and initial coin offerings.

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