Why crypto attracts SouthKorea like iron to magnets
In contrast to the ‘Digital Gold’ narratives in the west, the growth is largely based on the trading of cryptocurrencies.and other cryptocurrencies are not considered legal tender or financial assets in South Korea as of this writing, yet the market has grown extensively in the last few years. As a result, investors and analysts have begun to pay close attention to the performance of cryptos in the economic powerhouse of East Asia.
However, economic growth considerably slowed down in the last decade, bringing with it issues of rampant youth unemployment. During 2020, the unemployment rate ranged from 7.5% to 11%, continuing a similar pattern into 2021, according toWith other investments like stocks, casino gambling, horse racing being limited and often unprofitable for a large section, the focus shifted to cryptos to get rich ‘fast’.
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