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South Korea pushes for adoption of digital currencies

Alan Muli

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One of the most innovative nations across the globe, South Korea, is pushing for adoption of digital currencies. This news comes as no surprise considering how tech-savvy South Korea’s population has been in recent times. The “revolution” has already begun, some business and government entities have adopted and incorporated cryptocurrency and Blockchain technology into their operations.

The numbers

According to recent research, South Korea makes up to 30 percent of the global trading in cryptocurrency. This is so despite a population of just over 50 million.

“The country is going to play an even larger role in the adoption of digital currency and Blockchain technology in the future. This is in part due to its highly developed cryptocurrency exchange infrastructure and taxation and regulatory frameworks,” reads a report by fine-tech company Cindicator.

Digital currency exchange platforms such as Bithumb have been attributed to the rise of the cryptocurrency sector in the country. “The country ranks so highly worldwide in terms of the sheer volume of trading because of exchanges such as Bithumb. The country’s housing major exchanges such as Upbit, Korbit, and Coinone have also been responsible for the rising volume in digital currency trading,” noted the report.

Taxation, regulation, and investment

The South Korean government announced that it would tax cryptocurrency and initial coin offerings in a bid to improve regulation in the sector. Bitcoin and other cryptocurrencies were exempt from capital gains tax since 2013, but the government noted that it now fully understands the potential of Blockchain technology. The government also remarked that it has set aside 1 trillion won (USD $880 million) for the development of Blockchain technology in 2019.

The South Korean population has been keen on investing in digital currency and Blockchain technology because of the potential they have. Digital currency and Blockchain have already proved to the world how much of a force they are. Digital currency and Blockchain have been deemed the future and South Korea is embracing them.

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