Rising Property Prices, Gambling Restrictions Among Reasons Why Cryptocurrency Is Alluring to South Koreans | EconoTimes

A strict stance on gambling, the difficulty in investing in the stock exchange, the rising prices and interest rates of properties, and the alluring emergence of cryptocurrency. These are some of the leading reasons why digital cash rose like a phoenix in South Korea.

The fiery demand, along with the smothering regulatory framework placed around the crypto market, resulted in what is known as the Kimchi Premium, where traders have to pay a premium price of 30 to 50 percent for the most popular coins. It’s estimated that three out of 10 active employees in the country have invested in some form of cryptocurrency.

South Korea’s impact on the global crypto market is so influential that when a price-tracking site based in the U.S. removed the country’s exchanges due to the Kimchi Premium, the industry saw a $100 billion decline. While outsiders would wonder why so many South Koreans have a vested interest in the crypto sphere, those operating inside it – especially those who are informed – aren’t surprised.

The country’s draconian stance on gambling, the growing difficulty in trading in stocks, and the rising prices and interest rates of properties all contributed to the public’s gravitating towards the crypto industry.

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Rising Property Prices, Gambling Restrictions Among Reasons Why Cryptocurrency Is Alluring to South Koreans – EconoTimes.