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South Korea is responsible for more than 30 percent of all global cryptocurrencies, with about half of traders being white collar professionals.
In addition, the country leads Singapore, Malta, Estonia, Japan and Switzerland as the most crypto-friendly country, seen the latest development.
This is according to the South Korean market analysis analyst Cindicator, which also says in the recent published analysis of an in-depth report on the cryptocurrency market in South Korea, which the country's current advantage in cryptography was only a beginning and is intended to continue guiding the adoption of cryptocurrencies globally.
The advantage in the cryptography industry is due to the opening of technology in the country and its adoption. Of course, the country has a working paper on how to promote itself to attract fintech, which includes areas such as artificial intelligence, blockchain just to name a few and has had a difficult past in terms of prohibition of ICO and entire industry of cryptocurrencies in the country thrown into disarray last year.
In addition to a positive legitimation of the cryptocurrency by the government, other factors that will fuel the country's dominance in the cryptocurrency and in the blockchain include the numerous innovations underway in the country in the areas of blockchain and cryptocurrency. For example, the government, in an attempt to attract fintech, has recently announced 1 trillion won (US $ 880 million) of budget focused on the development of blockchain. It could also re-legalize the ICOs that were banned last year.
Cindicator chief Simon Keusen said the country's recent legislation indicates that the government understands the potential of blockchain technology.
But a report by the Korea Development Bank (KDB) also shows that South Korea was slower than China in adopting fintech. According to the report, the country's global fintech rate stood at 33% entering the disclosure phase. The global average rate is 32%. The rate is compared to 69% of China, which means that it is entering the last phase of disclosure. Five of the top 10 global fintech companies according to KPMG International come from China.
43% of the 100 best fintech companies come from the United States, United Kingdom and Australia, which account for over 80 points in terms of the level of bank liberalization. In comparison, the countries of Eastern Asia, South Korea, Japan and Taiwan have strict financial regulations implemented by the government and tend to have a lower score in the liberalization of banks. Only one fintech company in this region has come to the list of the first 100. Fintech in these regions is largely inactive compared to China whose fintech is active although it has a low level of bank liberalization.
When it comes to cryptocurrencies and related fintechs, South Korea is different. The country hosts some of the world's largest cryptocurrency bursaries in terms of trade volume with the country's largest Bithumb trading position in first place with a volume of $ 60 billion over the past 30 days.
According to the newspaper, although most South Koreans lost Bitcoin exploding last year, they were eager to buy into Ethereum. Therefore the country is very popular in the cryptography business. South Korea was also popular with Kimchi Spread or Kimchi Premium, where the price of cryptocurrency is higher in the country than in the rest of the world. The spread or the difference reached the maximum at about 50% in January 8, in addition to the total cryptographic market peak capitalization (US $ 800 billion). The Kimchi was due to the "strong domestic demand of the country fueled by the hype, by the continuous research of the Koreans of short-term profits and the specific economic characteristics of his country," according to the report, as citizens select short-term profits.
There are of course innumerable innovations that can impress the country as dominant in cryptography. For example, Coinone works with Cross to develop a cross-border money transfer platform. Bithumb is developing a security token exchange in conjunction with SeriesOne, an American fintech company, and is also launching an encryption service in collaboration with the Asian e-commerce company Qoo10.
Several companies, including banks, insurance companies, universities and hospitals, also use ICON blockchains to develop and launch products. The percentage of fintech users using smartphone financial services was 20% higher than non-fintech users, even if retail banks relied on fintech to survive.
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