South Korea happens to be a country that is officially not in favor of cryptocurrencies or Bitcoin, for that matter. There was news of a regulatory oversight cooking up in the background to restrict crypto movement within the country and growing up a dedicated framework using which financial institutions and people could interact with crypto in a safe and calculated manner.
Despite all this speculation, crypto trading is booming within the country as locals have grown a liking for Bitcoin especially. It is kind of a European thing to challenge a new technology or innovation through every possible sift they have to ensure that it is not going to become a problem in the future. But with crypto and decentralization, it seems that Asian countries such as South Korea and China are being more careful than most of the European countries.
Crypto Adoption in South Korea
China doesn’t want anything to do with private crypto as it is in the middle of launching its own CBDC in the form of digital Yuan. As for South Korea, it was made clear previously that cryptocurrency could only be put into the hands of those who are pretty serious and careful with it, and the state might not allow it to become an official entity. It is not the decentralization that many states and countries fear, but it is the notion of illicit practices by people and cybercriminals regarding crypto which troubles them the most.
Countries that have a growing economy that is not too stable but not deteriorated as well are trying their best to avoid falling into this crypto trap, and South Korea is trying to do the same. The sentiment of South Koreans with crypto is pretty strong as the weekly inflow of transactional volume for Bitcoin is increasing at a steady pace. But even so, the state might not allow cryptocurrencies to coexist with the fiat economy as it is too volatile to be put under the assessment and knowledge of a state that is still evolving and has to manage its fiat economy.