South Korea is not only attracting international crypto projects but also the county’s ecosystem is enhancing rapidly. S. Korea is the best instance, with all factors that could play well for any country to become the first one that runs on crypto.
South Korea could become the first nation that runs on cryptocurrency: with the widespread adoption of crypto, serving as a hotbed for the innovation and running an enterprise-grade scalable blockchain infrastructure. This is without losing a balanced relationship with the government.
CEO of Never Stop Marketing Jeremy Epstein thinks this is true because crypto awareness and adoption are widespread in the country. He also attributes this to the fact that the regulation about crypto is balanced. And there is growing experience with crypto on a large scale. Further, the crypto ecosystem in the country is strong and still growing according to him.
He says all these are ingredients that make the country positioned to becoming that kind of a country that runs on crypto.
On widespread of crypto awareness and adoption, the country has 33 percent of the adult population possessing crypto. It is already known that prices went as high as 40 percent in Korea more than other foreign markets. Even as Bitcoin skyrocketed late last year.
The phenomenon, known as “Kimchi premium” boosted more interest for Bitcoin and crypto in the country. It made some people buy Bitcoin elsewhere and sell them in the country.
Moreover, many governments have adopted a cat-mouse chase against crypto projects and South Korea was caught up in the same mess. However, the country came out strong, did not ban ICOs or cryptos, and now is warm for crypto projects.
On that note, China government was wild about cryptos, a situation that favored South Korea markets. The Korean market facilitated movement of the money out of China.
Many Chinese also like the markets as well, for the benefits, they present to them, and are buying Korean businesses to move their money.
Additionally, the crypto ecosystem is growing, from a few blockchain startups to now at least 50 pure blockchain startups. There are also four blockchain-dedicated publications, 50 blockchain-related events monthly, and 1000+ crypto groups on social networks services like Kakao.
Originally published at coinpedia.org
