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South Korea will push for the adoption of the most important cryptocurrencies, claims a new relationship, reinforcing the spotlight on the technological hub that forms one of the most cryptic countries in the world.
Read also: The incoming Korean minister confirms the encrypted taxation plans
Enthusiasm for South Korean technology
<img class = "alignright wp-image-229180″ title=”South Korea to push for the adoption of large cryptocurrencies – report” src=”https://news.bitcoin.com/wp-content/uploads/2018/10/bithumb-logo-1-300×263.png” alt=”South Korea pushes for the adoption of the main cryptocurrencies – reports "width =" 179 "height =" 157 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/10/ bithumb-logo-1 -300×263.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/10/bithumb-logo-1-478×420.png 478w, https: //news.bitcoin. com / wp-content /uploads/2018/10/bithumb-logo-1.png 607w "sizes =" (maximum width: 179px) 100vw, 179px”/>As one of the most innovative countries in the world, it is not surprising that the population of South Korea, which has a good knowledge of the technologies, has been ready to seize the cryptocurrencies and blockchain technology. In fact, the small country accounts for about 30% of global cryptocurrency trade, despite having a population of just over 51 million.
Now, a report by the Fintech Cindicator company said that the country will play an even more important role in the adoption of cryptocurrencies in the future, partly due to its highly developed cryptocurrency exchange infrastructure and the regulatory and fiscal framework. The report states:
These projects and their final success are obviously a great indication of what the cryptic believers in the country feel that the new technology could do in the future.
<img class = "alignright size-medium wp-image-244119″ title=”South Korea to push for the adoption of large cryptocurrencies – report” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/upbit-logo-300×98.png” alt=”South Korea pushes for the adoption of the main cryptocurrencies – reports "width =" 300 "height =" 98 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/ upbit-logo-300×98 .png 300w, https://news.bitcoin.com/wp-content/uploads/2018/11/upbit-logo-768×250.png 768w, https://news.bitcoin.com/wp- content / uploads / 2018 /11/upbit-logo.png 970w, https://news.bitcoin.com/wp-content/uploads/2018/11/upbit-logo-696×227.png 696w "sizes =" (maximum width : 300px) 100vw 300px”/>The report states that it is because of trade such as Bithumb – the largest in the country – that South Korea thus ranks globally in terms of trade volume. In addition to the country hosting major exchanges such as Upbit, Korbit and Coinone, it is home to a series of cryptography and blockchain projects, which are a "great indication of what cryptic believers in the country feel that the new technology could do in the future. "
The report notes the many occasions when the announcement of a new listing of altcoin on a South Korean stock exchange has seen its value skyrocket. The South Koreans were ready to participate in the crypts because of the desire to collect potentially large profits and an enthusiasm for the technology itself.
More regulation coming soon
The South Korean government announced this week that it would tax cryptocurrencies and initial coin offerings – despite bitcoin and other cryptocurrencies being tax free on capital gains since 2013. But the government fully understands the potential of blockchain technology, having recently announced a trillion of won (USD $ 880 million) to be spent on the development of blockchain in 2019.
The newly elected mayor of Jeju Island, Won Hee-ryong, who issued a pro-blockchain and cryptocurrency ticket, provides further evidence to suggest that South Korea will play a key role in promoting the global adoption of cryptocurrencies and their basic technology.
What do you think of the role that South Korea will play in the future of global cryptocurrency? Let us know in the comments section below.
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