Cryptocurrency is emerging in South Korea, but under the surface, the flow is driven less optimizing than the economic desperation of younger generations, according to a local expert.
Crypto exchange Users in South Korea exceed 16 million. The figure represents more than 30% of the country’s population.
However, recent comments on the German Blockchain Week from Eli Ilha Yane, Chief Product Officer at the Quantum Machine Learning Startup Anzaek, suggest that this is not the result of the local population of the local population for blockchain technology. He explained in a “Asia Insights” panel that many “crypto entrepreneurs in Korea.”
Yane mentioned that “motive is not from (…) a web3 belief (…) as in the west.” Instead, he introduced it to the financial desperation of the young generation, who pushed them to seek “fast money.”
Yane’s statements come as newly elected President Lee Jae Jae-Myung moves in fast tracking campaign Promises for incorporating digital assets In the South Korean’s financial system, there are bold plans for the integration of institutional crypto.
This includes support for releases domestic stablecoinsalong with the chief of the central bank of South Korea reportedly stated that he was Not opposed to the country releasing a Korean won-based stablecoin.
Related: South Korea to investigate the fees of local crypto exchanges
South Korean’s dreadful -terrifying situation
Crypto’s popularity with younger generations is not new, and Korea’s 2025 Korea report Shut up that “rich boy” holds three times more crypto than over-45 rich. Also, 34% of local individuals with a crypto value, according to locally Report.
However, according to Yane, it is not aroused by a widespread belief in the crypto potential among South Korean youth. He said South Korea was used in the presence of a high economic growth that found itself unable to maintain speed, leaving younger generations unemployed.
Unemployment of Youth for individuals aged 15 to 29 in South Korea Stand up At 6.6% in May, the overall 2.7% unemployment rate was more than double.
Related: Kaia’s promises win-Pegged Stablecoin as South Korea Payment Stocks Rally
Real estate that is out of reach
Yane admitted that stocks were the first choice for South Korean youth to consider. However, he pointed out that “they do not see many returns.” Housing is also unable to reach the same for personal needs and as an investment, Yane said:
“They can’t buy houses anymore, or even the rent is too high for them. So their only option is to make crypto.”
The median price of Seoul’s apartment has doubled in five years, leading 1 billion winners ($ 689,000), and the price-to-income ratio for the city is Reported 15.2. “So that’s why there are so many (…) Crypto entrepreneurs and why I’m saying it’s not really interested in (crypto,)” Yune said.
Yane added that “there are exceptions, of course,” but said “many of them also do not know the infrastructure or technology” involved in crypto.
Magazine: Korea to lift Corporate Crypto Ban, Take care of Crypto Mining HDS: Asia Express
