The world is still waiting on the news of the Korean government in regards to regulation of blockchain technologies and cryptocurrency guidelines.  The wait is longer than expected but many experts feel that it will only be a matter of time before sets these standards.  This could mean the return of ICOs in Korea.  However, more importantly, it seems the Korean government is set on dedicating themselves to the development of blockchain technologies.  It was announced recently that the South Korean government will be investing $880 million next year in blockchain technologies.

The Korean government looked at blockchain/cryptocurrencies initially with some skepticism.  It was such a new technology that the Korean government was not able to control it.  This is why they banned ICOs and cracked down on exchanges.  From the outside, it looked like Korea was not a place where blockchain startups and digital currencies were welcomed.  However, we have seen the Korean startup ecosystem turn into the Korean blockchain ecosystem over the last few years.  It was clear that the interest in blockchain in Korea has grown rather than slowed down.

A Trillion Dollar Investment into Blockchain Technologies

Prime Minister Kim Dong Yeon addressed the administration’s investment plan for innovation and growth over the next five years.  Investing a trillion won in 2019 is huge news for the Korean blockchain community.  The investment is not only for blockchain technologies.  The investment will also go to big data, and A.I.  Over the 5 years, they are looking to invest at least $8 billion.

“focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy,” said Kim Dong Yeon

This news comes when the crypto market is down across the board.  However, despite the bear market, the cryptocurrency/blockchain industry in Korea is optimistic.  Most are waiting on the Korean government’s regulations and guidelines.  When this happens, investors in Korea and blockchain startups know that global companies and investors will flood into the Korean market.  This is why so many global companies have been coming to Seoul this year.  They want to have one foot in the door once news breaks regarding Korea’s regulations and guidelines for cryptocurrencies.

As cryptocurrency becomes less volatile and bad ICO projects get vetted out, it is only a matter of time before there is a crypto industry in Korea that fosters innovation and growth.  The Korean government has been making efforts to put in practical regulatory frameworks for cryptocurrency and blockchain companies.  Korean banks also have embraced cryptocurrencies.  These banks have looked to find ways to incorporate them into their service.

Korean Government Crypto Guidelines Coming Soon

The Financial Services Commission (FSC) has legitimized the crypto industry by recognizing them as regulated financial institutions.  When the cryptocurrency and blockchain bill is passed by the Korean government, all crypto exchanges will need to comply with the same security, internal management, and anti-money laundering policies of Korean banks and financial institutions.  There are even talks of exchanges requiring insurance for their crypto holdings.  This is in case clients funds are hacked.  Protecting the Korean public is their main concern.  Therefore, this insurance will go a long way in protecting investors big and small.

The support from the Korean government will not just go to Seoul.  Busan is looking to become the Silicon Valley of Crypto, “Crypto Valley”.  They are looking to bring in cryptocurrency exchanges, startups, developers, and engineers.  In addition, Jeju Island which has the authority to operate outside of the federal government intends to make Jeju a haven for cryptocurrency and blockchain businesses.  So this is not just Seoul, but all of Korea that wants to embrace blockchain technologies.

Why Korea Needs to Embrace Blockchain Technologies

Korea understands the technological revolution that is coming.  The internet changed the way we communicate with one another and how we get information.  Countries that took the lead in regards to internet technology have grown rapidly.  Countries are always competing against each other to find the next great new technology and it is becoming clear that blockchain is that next technology.

Blockchain technologies can improve the relationship between the government and citizens.  Public services will be streamlined.  The government will function much quicker, especially in regards to contract management.  Blockchain has evolved to not just hold financial transactions but any kind of information.  These days blockchain is being incorporated with other technologies such as A.I. and machine learning.  This is to get the best result possible.  Therefore so many businesses, corporations, and startups are heavily invested in researching blockchain technologies.  However, the true game changers will be the governments.  Once Korea incorporates blockchain and smart contracts to improve government operations, it will lead to the improvement of the public sector.

The Future of Blockchain in Korea

The Korean government will continue to invest in blockchain technologies.  So will investors and other financial institutions.  This will cause a snowball effect as most or all companies will need to incorporate blockchain technologies if they want to work with the Korean government.  This will most likely lead to a Korean government blockchain network that will facilitate transactions.  Whether it is in real estate, incorporating a business, or paying taxes, by removing the middleman, the days of long lines and paperwork will be of the past.

Imagine Korea where Koreans can access their health records instantly.  Vote on the internet and make payments instantly.  The possibilities are endless.  In the next 5 years, South Korea aims to be the crypto hub of not only Asia but of the world.  This amount of funding is going to make South Korea a real player and a country to be reckoned with.

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There’s been ban on ICOs. Therefore, the Financial Services Commission of Korea early this year released a paper detailing financial measures to curb speculations in Cryptocurrency trading. Furthermore, Blockchain startups in Korea are dealing with highs and lows due to regulations.

To be or not?

Crypto exchange firms have had their share in pitfalls concerning the Blockchain-Crypto spheres. Coinrail recently suffered a massive hack in its exchange trading platform leading to a loss of about $37 million.

Despite all these setbacks, there seem to be several Blockchain startups springing up in Korea. Even the Mayor of Seoul reportedly announced the City’s ambition of launching it’s own Crypto and providing a conducive environment for Blockchain startups to thrive.

Will these Blockchain startups bolster Korea’s fourth industrial revolution plan?

Let’s take a look at 13 Blockchain startups in Korea that are poised for the future. They span across multiple services such as real estate, fintech, industries and many more.

ICON

ICON wants to take over the world of blockchain. Currently, they are the largest blockchain network in Korea, providing blockchain sharing ledger for industries such as securities, banks, insurance, universities, and hospitals. ICON is making giant leaps in their network due to their open-source technology.

UPBIT

The Danamu and Kakao backed crypto trading exchange platform seeks to make huge leaps after it was launched in October 2017.  It, however, boasts over 1 million users and KRW 10 trillion in daily trading volume.  In addition, Danamu which operates Upbit has already outlined huge plans to invest up to US$93 Million in Blockchain Startups. Therefore, this will make Upbit a force to reckon among the Crypto-exchange competition.

BLOCKO

Blocko’s Coinstack provides a platform for Blockchain Solutions in Korea. Furthermore, enterprises and individuals can easily build their blockchain infrastructure on Blocko. They’ve already eyed global markets by establishing their presence in Hong Kong and London. Blocko has recently secured $8.9 million in Serie B funding from Samsung Ventures, Sparklabs ventures, and Posco Capital.

DEBLOCK

Deblock is a Blockchain accelerator that pursues a decentralized, secure, and transparent pre-ICOs. In addition, they have plans of investing blockchain projects, support blockchain business models and entrepreneurs and provision of office space.

PROOF SUITE

Proof Suite is one of the fastest growing Blockchain Fintech companies in Korea having raised over $3.1 Million through Blockchain crowdsale. Furthermore, they provide retail and institutional platforms for Blockchain-assets such as Bitcoin and Ether.

KORBIT

Korbit is world’s first Crypto-exchange company that started offering Bitcoin-Korean Won exchange. Holders can easily exchange, buy and sell Cryptocurrencies on their secured web platform. It has raised over $3.6 Million won from top investors and envisions to utilize Blockchain technology for rapid growth and expansion.

theLOOP

TheLoop is in the Blockchain business of smartly connected society. Therefore, they provide total private blockchain solutions for such projects. This has led them to create a new digital currency, ‘loopcoin’ to facilitate the interconnectivity. Furthermore, other business projects include loopchain financial investments consortium and Loopchain Insurance solutions.

FORESTING

Foresting is a brand new mobile social media service based on Blockchain technology. They reward content creators and curators through a new concept of social media token operation. In addition, they intend to disrupt the Blockchain SNS business models with their Foresting Social Media Services, Foresting Lab, and Foresting Digital bank system.

LUCIDITY

Online advertising is fraught with a lot of mistrust. Therefore, this is the reason why Sam Kim and his team at Lucidity has created the blockchain protocol to bring more transparency into digital advertising. Lucidity verifies marketing analytics on the Ethereum blockchain so that online ads can be transacted with trust. Lucidity is a real game changer.

COINONE

Coinone is developing series of Blockchain related businesses on the Coinone exchange platform. In addition, they have built ‘Cross,’ a remittance solution platform built on Blockchain, to enable safe and faster money transfer among friends and families across the globe.

KODEBOX

Kodebox is a blockchain technology company that creates and manage smart asset management systems. Furthermore, Kodebox’s main product, ‘CodeChain‘ is a programmable open-source blockchain technology that seeks to develop multi-asset management system and bring transparency into the gaming industry.

MDL Talent Hub

MDL is looking to disrupt the talent acquisition and hiring industry with their global trustchain technology. Their name MDL stands for Mining Distributed Ledger.  It is a blockchain-based platform for hiring talents; by connecting performers to gigs and brands to the audience. In addition, their first ITO (Initial Token Offer) raked in $2.4 Million and puts it in a better position for scalability and adoption by the talent sourcing industry.

MAVLUX

Mavlux’s business is simple. They develop solutions based on Peer-to-Peer (P2P) and Blockchain technologies. Therefore, they have also developed ‘iChart,’ a medical database built on blockchain technology to allow secured sharing of information among hospitals.

The post 13 Blockchain Startups in Korea To Disrupt the Industry By 2020 appeared first on Startup Radar.

Bitcoin traders around the world were holding their heads in their hands over the weekend, as the Bitcoin crash dropped the price below $7,000: facing a two-month low. The futile crash occurred after South Korean cryptocurrency exchange site, Coinrail was hacked and lost 30% of the altcoins traded over their platform. The total value of their losses was 40 billion won ($37 million.)

The Korean state police are currently investigating this incident.

Since the start of this year, Bitcoin has now dropped 50%. However, Sunday saw the largest spike of all: with a sudden drop of 10% and over $500 in value in the space of an hour. Other major cryptocurrencies also reported losses.

On Friday the coin was valued at $7,616 and Monday’s low was reported as $6,694. It’s only slightly recovered since.

The Korean state police are currently investigating this incident.

Security and Regulations for Cryptocurrency

It’s worth noting that this isn’t the first crypto hacking attack in South Korea. Another Korean cryptocurrency exchange site, Youbit, lost 20 billion won worth of Bitcoin over the course of 2 attacks in December and April.

All of this leads us to ask the question: do we have strong enough security and regulations in place for cryptocurrency?

In the first quarter of 2018 alone, there were seven global hacks, totaling in total losses of $670 million.

I think it’s fair to say that Bitcoin holders should make sure that they’re taking the necessary precautions to keep their money safe. There also should be tougher regulations for cryptocurrency trading websites.

What the Bitcoin Crash Means for Crypto Traders

Following the crash, many traders are in dismay and worrying about the future of bitcoin. Will the cryptocurrency ever recover? It’s worth bearing in mind that this isn’t the only time that Bitcoin has suffered a crash. Over the past 9 years since its inception, the coin has seen major peaks and drops but has always had a healthy recovery.

Of course, there are people who believe that it’s time for Bitcoin’s bubble to burst. But has that time come so soon? We don’t think so!

For traders, this isn’t a time to panic. This is the time to sit still and hold onto your coins.

Better yet, if you’ve been considering joining the cryptocurrency revolution for a while, now is a great time to buy- but be sensible and don’t buy any more than you’re willing to lose. It might take a while, but we’re confident that there’s only one way that Bitcoin can go after this crash: straight back up again.

The post The Bitcoin Crash: What it Means and How it Happened appeared first on Startup Radar.

The Global Startup Conference will be held at the Seoul Startup Hub on Thursday June 14 at 10 am. Dubbed ‘GSC in Hub 2018’.  This year will mark the 10th anniversary of this global startup event.  It will focus on Blockchain, Cryptocurrencies, and innovative startups.

Hosted twice a year by VentureSquare, the conference brings together a behemoth of industry experts and startups to discuss latest trends in global technologies, innovations, and startups. It is therefore not surprising that Blockchain is taking the center stage in this year’s spring edition.

Blockchain in Korea

Blockchain technology has become a worldwide trend in recent years.  However, not so many people understand the technicalities and innovation behind it. The interest in Blockchain and Cryptocurrency hit a record high in Korea recently.  We saw many youths flocking to catch a bite of it. That has led to the rise of notable Cryptocurrency exchanges in Korea. The South Korean government has also stepped in to regulate Cryptocurrency trading while putting measures to ensure its adoption in the mainstream fintech infrastructure.

The Global Startup Conference will feature Blockchain and Cryptocurrenyc industry experts like Roger Ver (Bitcoin.com), Moon Gyeongil (Director at Seoul Startup Hub), Teppei Nakano (Namcoin), Grace Choi (Cointime Korea) among others.

These leaders will share insights on Blockchain technologies, Policies AI, Fintech, Media, Energy, Healthcare and security.

If last year’s successful event is something to go by, then you don’t want to miss this one. Speakers materials will be shared to participants after the event.

Attendants can register on site and it is FREE.

For more information, visit the Global Startup Conference website.

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So why is Ripple great for Banking?

Ripple is a private, centralized, permission based Blockchain.  It is basically the opposite of bitcoin.  To really understand Ripple we need to first understand how information gets exchanged between countries.  For example, once you build your credit score in America, it won’t be accepted when you move to Korea.  There are different systems and rules that are applied in Korea.  Most of all they don’t take into account all the work that went into building your credit score in America.  Same goes for the financial industry.  In fact, it moves slower in the financial sector because of all the laws, rules, and regulations involved.

Replacing the SWIFT System

Banks use the SWIFT system when sending money from country to country.  When people do wire transfers, the SWIFT system is what is used.  However the SWIFT system is an old and outdated technology.  It is very expensive and takes 1-2 days to clear.  Money can be lost because of the exchange rates as well.  However with Ripple, there is a agreed upon protocol that would be real-time and cost virtually nothing.  Customers will be able to send money from country to country quickly and basically for free.

Why Korean Banks Can Benefit?

There are millions of Koreans that live outside of Korea and make money abroad.  Many find it hard to send money back to Korea.  How with Ripple customers will be able to send large amounts of money in and out of Korea.  Ripple will be an alternative to the old style of global transactions.  Through the protocol, the money can be monitored and follow each countries laws and regulations.

Why is Ripple not Free?

The reason why Ripple is not 100% free is that because if they made it free there will be a higher chance that people will spam the network.  So once it does a transaction a fraction of the ripple coin (XRP) gets destroyed increasing the value of Ripple.  Ripple can handle thousands of transactions per second and can handle the huge fluctuations in the network traffic.  The banking industries will hold 70% of the market share which will help in case of market crashes and make Ripple a really stable cryptocurrency moving forward.

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A lot will change for the Blockchain ecosystem in Korea after the elections on June 13th.  Depending on who gets elected or re-elected, there is a legit chance that ICOs will be back in Korea.  The public is behind the movement to bring ICOs back to Korea.  As well as being the innovators in Blockchain technologies moving forward.  This is why the mayor of Seoul has promised to support blockchain development as he goes for re-election.

Mayor Park Won-soon has been the mayor of Seoul since 2011.  He will be looking to get his third term.  In order to do that he will need to win over the public.  In order to win the public, he will need to prove he is going to help the Blockchain ecosystem in Korea.  He announced that he was committed to helping the city of Mapo become the center for blockchain incubation and foster blockchain innovation in Seoul.

Blockchain Innovation Hub in Mapo

The government will turn the Mapo Fintech Lab into a hub for not only Fintech but also blockchain development.  This will be the first proposal from the Seoul Metropolitan Government to support blockchain technologies.

The government’s support of Blockchain development has been a theme lately.  They are looking not only to make their own cryptocurrency but to use blockchain technologies in many public services such as municipal administration and government management.  This will allow for more transparency in the government and a faster service to the public.  The city’s cryptocurrency will be used to help social programs in Seoul and be used as a fund to help the growth of Blockchain Startups in Seoul.

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One of the challenges of Cryptocurrency is that it is a new industry.  Bitcoin, for example, is getting more popular because the price is going up but it is still a very new industry and there are challenges for businesses to get into this industry.  We at Wirex offer companies interested in cryptocurrency a one-stop solution where you have cryptocurrency wallets as well as Fiat wallets with enhanced security, different permissions, and available via API.  Therefore, basically, you don’t need to spend resources, money, time, on developing everything yourself.  What you can do is use our solution.  So we are one of the pioneers of the cryptocurrency market, we started 4 years ago and we’ve built it already.

Cryptocurrency is still new and for most of the people, it is more of an alternative investment instrument.  Most people do not actually know what kind of benefit cryptocurrency has as a technology.

Benefits of Cryptocurrency

One of the benefits of cryptocurrency like Bitcoin is that it is the most traceable currency in the world.  People new to Bitcoin might think it is totally anonymous but all transactions are recorded on a blockchain and publically available to view online which is excellent for tracking where this money is spent.

The second benefit is that cryptocurrency is great for micropayments.  Microtransactions are an essential part of the Internet of Things.  As we slowly move into the era of IoT, by 2020 there will be 25 billion connected devices.  If you want these devices to be able to do micropayments, we need something like virtual currency or cryptocurrency.  We can’t do it with traditional banking instruments because it will be very expensive.

Another benefit of cryptocurrency is with cross-border international payments.  Bitcoin is great for transferring value, I can send money to anybody in the world and it will be cheaper and faster than traditional banking instruments.  I can also send money to people that don’t have bank accounts.

Wirex Solution

So if cryptocurrency is that good why don’t people use it in everyday life?  If they are good for micropayments and for remittance, why don’t we use it?  The answer is very simple, we just can’t use it.  I can’t just go to Starbucks and buy a cup of coffee with my Bitcoins because Starbucks doesn’t accept cryptocurrency.  This is the main problem.  So instead of convincing all the shops and merchants to start accepting new cryptocurrency, we use existing merchant network of VISA and Mastercard.  We instantly have access to millions and millions of shops and restaurants everywhere.  So if you have cryptocurrency you can use it right now everywhere.

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Koreans are more interested in cryptocurrencies than any other country.  This is in spite of the Korean government banning ICOs in Korea as well as regulating cryptocurrency exchanges in Korea.  Many Koreans are even banking on cryptocurrencies as their retirement funds!  Daily trading of cryptocurrencies is very high in Korea so it is good to know which are the best cryptocurrency exchange sites in Korea.  We at Startup Radar have assembled a list of the top 10 cryptocurrency exchanges in Korea.  We looked into many factors, such as the number of users, security features, customer satisfaction, and payment options.  If you are a beginning trader living in Korea, you will definitely find this article helpful.

10)  Youbit

Youbit has made headlines for getting hacked.  They are previously operated by Yapizon.  During that time they were hacked for over 3,000 bitcoins.  Many suspected that North Korea was behind the hacking of the Bitcoins.  Therefore, after that Youbit went offline but this year they re-emerged.  Many thought after they filed for bankruptcy over al this controversy, that this would be the end of Youbit.    However, they are back under new management called Coinbin.

9)  Coinlink

Coinlink is a Korean cryptocurrency exchange company that is listed on Kosdaq.  Therefore, Coinlink is Korea’s first bitcoin exchange run by a Kosdaq-listed company called Accupix.  Accupix’s main business is selling coal but they also construct railway communication systems.

Coinlink will be operated by Fourth Link.  Because Coinlink will be the first cryptocurrency exchange operated by a Kosdaq-registered company, it will have a secure system and reliability.  Fourth Link is looking to build a global network of cryptocurrency exchanges.  The first step will be signing a partnership with Glosfar, which is a Korean company that offers bitcoin transfer services.  In addition, they are also looking to form alliances with partners in China, Japan, U.S., Philippines, Indonesia, and South Africa.

8)  Zeniex

Zeniex opened in February of 2018.  They were created by Korean and Chinese finance and security experts.  Currently, the platform can only buy and sell cryptocurrencies because many major Korean banks are holding off on confirming bank accounts for cryptocurrency trading.  Furthermore, many Korean banks have been refusing to issue real-name accounts citing uncertainties and security concerns regarding cryptocurrencies.

7)  GOPAX

GOPAX stands for Global Online Professional Assets Exchange.  This is a very new exchange.  It was opened by a blockchain company called Streami in late 2017.  Streami is partnered with Korean bank Shinhan.  On GOPAX users can trade the day they register.  It is very easy to register and the exchange platform is very easy to use.  In addition, everything is on a single page and there are no transaction fees.  Most of their trading comes from Bitcoin and Stellar.

While they are a very new exchange there is a lot of buzz around GOPAX.  They have been aggressive in their efforts to increase their users.  Furthermore, they have done many promotional events where they gave away free coins.  They are now trading Ripple!  The drawback to GOPAX and the reason it is 8 on our list is that the site is too focused on the local Korean market.  Therefore, this exchange is for Koreans and you won’t find many English comments or feedback.

6)  Coinnest

Coinnest made headlines for being the first cryptocurrency exchange company to have their employees arrested by the Korean government.  The exchange has over 500,000 members and has the vastest selection of cryptocurrencies.  They offer the Pundi X Pass card which users can top up cryptocurrencies through the mobile app or through Pundi X POS devices.  This will allow people with no access to cryptocurrencies to conduct transactions.

The purpose of the Pundi X Pass and the Pundi POS is to bring cryptocurrencies to the mainstream.  In addition, their public token sale in January sold out in just 90 minutes.  Coinnest’s most traded crypto is Tron which makes up over 50% of its daily volume.

5)  Coinplug

Coinplug is known for their okBitcard service.  This service allows Koreans to buy Bitcoin vouchers at any 7-11 or Mini Stop across Korea.  Therefore, this is a very quick and easy way to buy small amounts of bitcoin.  All you need is your phone number.  You can also purchase bitcoin using your credit card.  They have over 7,000 ATMs in Korea.

Coinplug has made all this possible because of their partnership with Nautilus Hyosung which is Korea’s largest ATM hardware producer.  The goal was to make acquiring Bitcoin easy to the general public.  Coinplug is looking to expand to other countries by the end of 2018.

4)  Korbit

Korbit was the first cryptocurrency exchange in South Korea.  It is our #4 cryptocurrency exchanges in Korea.  The exchange had a solid reputation of being foreigner friendly.  Furthermore, it holds a 6% market share in Korea.  They have very low fees, great security features, and offers a remittance service.  This year Korbit has banned non-Korean citizens from depositing local currency into Korbit.  Therefore, this resulted in Korbit losing a lot of foreign customers.

Korbit has been leading the way in following the regulations set by the Korean government.  In addition, they have taken steps in requiring cryptocurrency exchange users to connect to their bank account for identification purposes.

3)  Coinone

Coinone focuses mainly on Bitcoin, Ethereum, and Ethereum Classic.  They hold 8% market share in Korea.  In addition, they have gone from a 20 employee company in early 2017 to over 100 employees today.  They have over 600,000 users and does over 20 billion won in monthly revenue.  Furthermore, Coinone has been at the forefront in encouraging healthy trading practices through education.  They have issued statements on the technological aspects of each coin they list.

Coinone made headlines this year for being raided by regulators who wanted to check their ledger.  However, this has not slowed down Coinone.  They are looking to become a global fintech company that does exchange remittance, investment consultation, and insurance services.  They are currently looking to form joint ventures with Southeast Asian crypto exchanges.

2)  Bithumb

Bithumb has quickly become one of the most dominant cryptocurrency markets in Korea.  They continue to add cryptocurrencies such as Litecoin, Bitcoin Dash, and Ethereum.  All these can be exchanged for Korean Won.  They hold 33% of the market share in Korea and have a daily trading volume of over 250 billion Won.  They are all about the promotion of using digital currencies for everyday life.  Therefore they recently showcased their new kiosks that accept Bitcoin Cash.

In 2018 Bithumb partnered with Korea Pay’s Services to reach Korean brands to try payments in cryptocurrencies.  Furthermore, their focus moving forward is on launching three services for the kiosk venture.  In addition, Touchpad, Touchbone, and Bithumb Cache, all focus on making it easier for customers to use digital currencies.

1) Upbit

The Kakao-backed cryptocurrency exchange comes in at #1 in our rankings.  last year they received close to 200 billion won in commission sales last year.  They hold 53% market share in Korea and has a 24-hour trading volume of 1.3 Trillion Won.  It is operated by Dunamu Inc. which also owns Korea’s top messenger app Kakao Talk.  Upbit is integrated with Kakao Talk and has over 120 cryptocurrencies because of their partnership with Bittrex.

Upbit has plans to launch a new global cryptocurrency index called UBCI (Upbit Crypto Index).  This will set the standard for future coins and make it easier for investors and the public to understand the market trends.  Look for UBCI to play an important role in Korea, especially for future ICO startups in Korea.

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It is widely known that Korea has been a hotbed for cryptocurrency trading over the last few years.  Many Koreans were active in investing in Bitcoin, Ethereum, etc.  So why are Koreans so obsessed with cryptocurrencies?  Many feel that this is their only way out of a low to a middle-class life.  In order to buy an apartment in Seoul, the average deposit is around $500,000.  That is crazy when you think about the fact that many Koreans work for around $30,000 a year.

Cryptocurrency actually gives Koreans a shot at becoming rich.  Why?  Because they have seen or heard many of their friends and family getting rich off cryptocurrency in early 2017.  There have been reports that 1/3 of Korean workers have invested in digital currencies within the last two years.  Most of those workers are under the age of 40.  This young Korean generation either sees the potential of digital currencies or they are looking for a quick way to earn money.

Starting from 2018 cryptocurrency prices have dropped.  All those that invested in cryptocurrencies are now dealing with the huge losses.  Many Koreans are going to psychologists at a higher rate, divorces are up, and in some cases committing suicide.  So why are young Koreans looking at cryptocurrencies as their last option?  In the past five years, it has become harder for young people in Korea to find jobs.  There is so much competition out there that it is hard for young Koreans to separate themselves from the pack.

Very Few Options

This is why many young Koreans are looking into cryptocurrencies.  What else are they going to invest in?  Most young Koreans have a couple thousand dollars to invest.  Are they going to invest in real estate?  Not with these sky-high real estate prices in Seoul.  Put it in a saving account?  The interest rates are a joke in Korea.  In reality, cryptocurrencies really are their only option.

Korea is the prime country for cryptocurrency trading.  Koreans spend hours on their mobile phones and every home in Korea has high-speed internet access.  Globally speaking Korea might be #1 when it comes to smartphone use.  This lead to cryptocurrencies costing  50% more than the global market.  This was called the “kimchi premium” which brought many global traders into Korea to capitalize on this albatross.  However, this was the past.  Presently the cryptocurrency space in Korea is depressing.  Prices continue to go down for all cryptocurrencies.

The causes of the fall of cryptocurrency can be from government regulations.  China has outright banned cryptocurrency trading and Korea banned ICOs.  With all these regulations the fall of cryptocurrencies has continued until now.  Many young Koreans have lost their life savings.  They will need to start over again but is there really another option?  The Korean government should not focus on restricting this new technology but helping these young Korean entrepreneurs to use this technology to create something innovative and beneficial to society.

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After South Korea banned ICOs in Korea, it seems the Korean government will create their own cryptocurrency called the S-Coin. The S-Coin will be used in city-funded social programs.  This was announced by the mayor of Seoul, Park Won Soon.

The bigger announcement was that the city of Seoul will be creating a fund to support the innovations in blockchain technologies and blockchain related startups.  It is becoming clear that Seoul wants to become the leader of information and communications.  Blockchain technologies can open new ideas and innovations.

The Korean government taking the lead when it comes to applying blockchain technologies to all government administrative processes.  Soon we will see blockchain technologies implemented in public transportation systems, welfare programs, electricity, water, and gas.

The Return of ICOs in Korea?

These are the early signs that the Korean government will start to regulate ICOs and cryptocurrencies in Korea.  They will need support from the startup community as well as use case studies to make this a blockchain ecosystem in Korea possible.

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