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In the face of economic adversity and societal pressures, South Korea is witnessing a surge in interest in digital currency, particularly among its youth, the N-Po generation, aged 20-39.
This demographic, grappling with economic challenges, finds solace and opportunity in the burgeoning digital market and the promises of Web3 technology.
Despite societal and economic hurdles, South Korea's Web3 sector is now experiencing remarkable growth. With more than 200,000 active users, around 15% of whom engage in centralized exchange trading, the market exhibits significant activity.
This robust purchasing power has led to a "Kimchi premium" for stocks listed on Korean digital currency exchanges, boasting a 5-10% premium compared to exchanges elsewhere.
Supportive Government Initiatives
Initiatives such as the pilot launch of a central bank digital currency (CBDC) scheduled for the fourth quarter of 2024 demonstrate this shift.
Moreover, efforts to establish legislation for security token offerings (STOs) underscore a commitment to creating a regulatory framework for asset tokenization. Startups are leveraging this environment to issue security tokens tied to real estate, facilitated by a sandbox registration system managed at the municipal level.
According to Coin Telegraph, South Korea's extensive internet culture, often dubbed the "netizen" kingdom, sees young individuals spending more time in digital realms than in reality. In this landscape, conventional means of earning money face challenges amidst societal constraints and the internet's pervasive influence.
Purchasing Power and Community Dynamics
While large communities with thousands of members often wield strong purchasing power, challenges arise from the prevalence of bots and bounty hunters, hindering access to genuine buyers.
According to Daily Hodl, Koreans, however, prefer exclusive "inner groups," and excess can entice serious investors to switch between communities for more focused information.
Despite prevailing pessimism in South Korea, there remains genuine enthusiasm among crypto enthusiasts to navigate through societal darkness and find their light in the realm of digital currency.
Photo: Microsoft Bing
