Does Korea have what it takes to be the first Asian country to be powered by cryptocurrency?
The cryptocurrency trend can no longer be stopped whether the rate goes up or goes down. Among the Asian countries, Korea could be the nation that has fully embraced the concept of using cryptocurrency. Proof to it is a large number of Korean youths who are already investing their future in different digital currencies.
Head of Growth at Seoul- based Icon, Henry Lee said that the government calls for the young people to remain in authority, He added that young adults are fond of cryptocurrency and will not make a mistake out of it.
Some assessments suggest that the country’s cryptocurrency possession could reach up to 33% of the adult society. It is evident that the digital asset is truly accepted in this first Asian country whicwho has the potential to be run by cryptocurrency.
There are many factors that contribute to the primary reason why South Koreans became indulged in cryptocurrency. These include competition, resentment, and assumptions. There was an instance that the prices culminated at almost 40% surpassing the foreign exchange. This occurrence became renowned as the “Kimchi premium.”
Currently, there are two things in Korea that encourage the complex perception of virtual currencies. Initially, the Korean cryptomarkets are used as a mechanism for acquiring money from China. Next is the presence of North Korean embargoes which also stimulate variation in exchanges and service providers.
Meanwhile, Korea’s biggest cryptocurrency exchange unveiled the nation’s first cryptocurrency index. Upbit releases its initial domestic cryptocurrency index in an effort to support cryptocurrency investors. this is for them to have a further grasp of the general market trends.
The index is known as Upbit Crypto Index and will be evaluated from four exchange indices. This is centered on continuing transactional data at the exchange through the estimation of standard values in buoyancy intervals. These indices include Market Index, Sector Index, Bitcoin Index, and Strategy Index.
The number of Koreans investing in virtual currencies grows each day so does the number of new digital currencies. However, there are only a few who has a potential to make it big in the market.
Spyce for one is the appreciating currency of the dnet platform. It is the structure of all trade and commerce. It can be substituted with other major cryptocurrencies like Bitcoin, Ethereum, and Dash. Spyce can be used as well to purchase goods, apps, services, and the processing of micropayments.
All of this revolution is occurring in an exchange already accepted for its high level of digital connection.