Best Bitcoin Exchange for South Korea
A whole generation fell into crypto fever and lost everything. South Korea is the third largest market for crypto currencies after the USA and Japan. In this East Asian country an entire generation of young people with hopeless social and economic prospects, the so-called “dirt spoons”, are dreaming of great crypto wealth. For most, however, the dream ended in a nightmare. One of these “dirt spoons” is Kim Ki-won.
The 27-year-old now told his story to the New York Times: during the crypto boom of 2017, he was virtually swimming in money. But then came the big crypto crash of 2018 and he lost almost everything. “I don’t think it’s fair that people call it crypto currencies gambling. But it actually has elements of it here and there,” says Kim Ki-won. For him, crypto currencies seemed to be a good way to break out of South Korea’s existing rigid social and economic order and get rich. Like Kim Ki-won, the 23-year-old Kim Han-gyeol, who makes her living with her parents by doing odd jobs at Dunkin Donuts or as a part-time software developer, also had a similar experience.
She explained: “In South Korea, there are no real opportunities for the average young person. With crypto currencies she believed that she could quickly become really rich. At first, Kim Han-gyeol’s dream of great crypto wealth seemed to work. By clever investments in crypto currencies she earned a small fortune. She bought beautiful and expensive clothes for herself and her mother and dreamed of opening a café. With the bursting of the crypto bubble in 2018, however, this dream came to an abrupt end. “When I lost a lot of money on my Bitcoin investments, I was ashamed.
Because of my greed to get rich quickly, I lost almost everything twice,” says Kim Han-gyeol. Nevertheless, she continues to invest in crypto currencies and has no other choice: “There is no other way to recoup my losses,” she told journalists. Young people don’t have it easy in South Korea, because youth unemployment has remained unchanged at around 10.5 percent for five years, although total unemployment is only 3.4 percent. To be successful as a young person in South Korea, you have to get either a government position or a job in one of the large corporate conglomerates such as Samsung.
However, this requires a university degree from one of the few elite universities and good relationships. If you can’t show that, you’ll fall by the wayside. Many young people are therefore disillusioned and have given up. This feeling of hopelessness has been exacerbated by a series of political scandals that have revealed nepotism between politicians and South Korean corporate conglomerates. When crypto currency then appeared, this triggered a discussion in society as a whole.
Not only in online forums, but also in the salons of intellectuals, the question was discussed whether this new monetary system could undermine the rigid social order of South Korea. One who succeeded in social advancement thanks to crypto currencies is 29-year-old Remy Kim. He explained: “I am the youngest person in Korea with a Rolls-Royce. And continues: “Cryptos have played an important role in shifting wealth from one group in society to another. Cryptos have greatly influenced Korean society”.
South Korea: second largest city plans own crypto currency
The South Korean Busan announced the development of a local crypto currency. The city is thus pursuing an ambitious goal. The South Korean government is planning to set up special blockchain special zones.
The South Korean government is taking an offensive line on crypto issues. Restrictive regulations are intended to curb potential risks, while investments are being made to consistently expand the blockchain industry. South Korea also plans to set up special zones. These are to be exempted from the usual blockchain regulations. In the race for the allocation of zones, the city of Busan is considered one of the favourites. In order to substantiate its own claim, South Korea’s second largest city is now planning the development of a local crypto currency.
According to ETnews, the South Korean tech site, Busan is cooperating with the local Busan Bank. The currency is intended to be a stable coin. The wallet will therefore be linked in a 1:1 ratio to an account at Busan Bank. The coin is just one of many projects through which the metropolis is struggling to win the favor of the South Korean government. The planned currency also promises to boost the urban economy.
South Korean government plans to invest in Busan
Already in April Busan was declared one of the preferred candidates for South Korea’s planned special zone. Busan thus committed itself to promoting the blockchain industry in various areas. The city should also provide the conditions for ICOs. The special zones thus appear to be exempt from the South Korean ICO ban.
The final decision on zone allocation will be taken in July. It will be decided by the South Korean Ministry of Small and Medium Enterprises and Start-ups. The Ministry promised the city generous aid payments: The government will provide extensive support if Busan develops its own blockchain-based currency structure or token economy.
Seoul also relies on Blockchain
Meanwhile, South Korea’s capital is also pushing ahead with the adaptation of blockchain technology. Seoul’s mayor Park Won-soon invested the equivalent of 94.5 million euros in this project. He wants to expand the city into a blockchain-based smart city. The city administration developed its own blockchain city map. Some of this has already been implemented. South Korea’s capital thus has a blockchain-based digital voting system.
However, the plans are even more ambitious. Won-soon wants to have 50,000 sensors distributed in the city. These sensors will collect data about the city and its inhabitants. The data will then be used to develop innovative services.