Since the beginning of 2021, South Korea has become very active in terms of the adoption of cryptocurrencies. Even the government is currently involved in boosting the adoption of cryptocurrency and blockchain technology in the region.
The regulatory authorities are making all the efforts to streamline the cryptocurrency and blockchain industry in the region. They are also focusing on implementing flexible yet strict taxation laws on cryptocurrency revenues and incomes for the users.
However, the cryptocurrency adoption rate in South Korea is much faster than it is in any other country. Even the teenagers in South Korea are determined to invest in cryptocurrencies. Then there are old-age people that have even invested their pensions in cryptocurrencies for huge gains.
Over the course of time, the adoption rate in South Korea has grown so much that the daily trading volume of cryptocurrencies surpassed the daily trading volume of stocks.
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This resulted in giving rise to many concerns in the mainstream and banking institutions in South Korea. The particular sectors were concerned about the economy of the country as more and more people are shifting to cryptocurrencies.
With time, the cryptocurrency industry has grown in the country at an alarming rate, and it is constantly on the rise. Looking at the current situation of the cryptocurrency market in the country, many banking institutions have started offering cryptocurrency securities to their clients.
Now, the cryptocurrency industry is gaining, even more, ground and adoption in the mainstream industry. Even the banks are now adopting cryptocurrencies on a large scale in order to take advantage and benefit from the industry.
However, three banks from South Korea have made a clear statement about how they are going to interact with the cryptocurrency space. The names of the banks are KEB Hana, Kookmin (KB), and Woori, which are among the five biggest banks in South Korea.
These banks have clearly stated they have no intentions of working or investing in cryptocurrencies. Therefore, they will not be working with any cryptocurrency exchanges. The banks have also provided their opinion and views about cryptocurrencies, giving the reason why they do not wish to venture into crypto.
According to the banks, the cryptocurrency industry is full of risks and is extremely volatile. Therefore, it would be unwise to invest in cryptocurrencies or even deal with cryptocurrency entities that have the potential of going of plunging at any point.
The banks have started two weeks ago, the entire crypto-verse was experiencing all-time highs and now, its overall nature is bearish. As a result, millions of investors have ended up going broke and lost all their funds. This is one of the major concerns why these banks are not willing to deal in cryptocurrencies or with cryptocurrency exchanges.