Category Archives: South Korea

Auto Added by WPeMatico

South Korea Crypto Investors Spent $6,000 Average in 2018

South Korea Crypto Investors Spent ,000 Average in 2018

The Korea Financial Investors Protection Foundation (KFIPF) has published a new report which shows that South Koreans who invested in cryptocurrency last year put aside an average of USD 6,000 per individual, as reported by Finance Magnates.

The original news report in Korean referenced a survey from the Korea Financial Investors Protection Foundation, which was given to about 2,500 adults. Of these, about 7.4% had said that they had bought cryptocurrency. What was more interesting was that, those who had already bought before in the previous survey in 2017, had ended up buying even more, indicating that the belief in crypto had remained high even in a rocky year for crypto markets.

Compared to the results of the survey in 2017, the USD 6,000 figure was up 67%, and there appears to be some explanation. While the majority of crypto investors were millennials in 2017, older – and wealthier – age groups had formed the majority in 2018. Those in their 50s were now the biggest group of investors, followed by those in their 30s, and then those in their 40s.

Nevertheless, crypto investment is still a relatively niche investment in South Korea, with only a 1% growth from 2017. This does mean that it’s not too late for most still considering to dip their toes, to be an early adopter, especially with signs that the crypto market has likely bottomed out, en route to a new growth cycle.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post South Korea Crypto Investors Spent $6,000 Average in 2018 appeared first on BitcoinNews.com.

Ex-Top 3 South Korea Exchange Closes Shop

Ex-Top 3 South Korea Exchange Closes Shop

Coinnest has announced that it has ceased operations in South Korea. Formerly the third largest cryptocurrency in the nation, it cited lowered demand for trading against a background of regulations and business interests, as the reason for this closure.

A notice was posted this week on its website informing its users that it was no longer in operation, asking all users to withdraw any funds stored on their platform before 1 May 2019. To assist with this procedure, the management have lowered withdrawal fees as well as the minimum threshold permissible.

A staff member from Coinnest told CoinDesk Korea:

“It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision.”

However, users will remember a rocky road leading to this untimely end for Coinnest, when an employee was arrested in 2018 on suspicion of fraud. The executive was later convicted and fined KRW 3 billion (USD 2.5 million), along with a jail sentence.

More recently in January, Coinnest bumbled an airdrop, sending customers almost USD 5 million in Bitcoin and other cryptocurrencies, instead of We Game Tokens (WGT) as it had intended.

South Korean exchanges are also a purported target of North Korea-backed hackers, and hacks of exchanges in the country have made news headlines over the past two years.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Ex-Top 3 South Korea Exchange Closes Shop appeared first on BitcoinNews.com.

South Korea Banks to Open Payment Network to Fintech Firms by December 2019

South Korea Banks to Open Payment Network to Fintech Firms by December 2019

Banks in South Korea have agreed to make their payment networks fully available to financial technology (fintech) firms by December this year, according to local news outlet Korea Bizwire. The move is seen as the latest in a government effort to encourage the development of modern payment technologies and foster a more competitive financial sector.

Bank payment networks can only be accessed by banks themselves at the moment and even so, only open for transactions between accounts held by themselves. In 2016, a new protocol was jointly launched for an open banking system, which is available to a handful of fintech companies, but at a high cost in fees.

A fully open payment system would allow unbridled access and theoretically, customers should be able to access all their different banking accounts via a single application to make payments across any bank network.

Senior official at the Korea Financial Telecommunications and Clearings Institute Choi Seok-min said that a computer network would be ready by October for a trial period. It expects full access to be ready by October. The immediate benefit would be a huge discount on fees; fintech firms can expect to pay a tenth of current fee levels.

Financial authorities in the country are determined to promote the fintech industry since the National Assembly passed bills last year for a regulatory sandbox that would give fintech firms a controlled environment to experiment technologies under friendly laws.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post South Korea Banks to Open Payment Network to Fintech Firms by December 2019 appeared first on BitcoinNews.com.

IMF Online Pollsters Call Crypto Most Popular Payment by 2024

IMF Online Pollsters Call Crypto Most Popular Payment by 2024

A poll running on the IMF website asking the question asking “How do you think you will be paying for lunch in 5 years?” now has almost 26,000 responses.

The response is clear, hedging towards crypto with 56% of respondents going for the flagship crypto with only 9% and 7% respectively suggesting payments in 2024 will be made with cash and bankcard.

Of course, IMF’s poll is limited to lunch, but clearly could well be extended to online and in-store purchases. However, eating out on crypto is not as difficult as one might think, which is probably reflected by the respondents’ views.

Asia is ahead of the game with Bithumb, South Korea’s largest cryptocurrency-to-fiat exchange and the world’s 6th largest digital currency, who installed cryptocurrency-accepting kiosks across the country, at restaurants, cafes, stores, and malls in 2018.

Starbucks chairman Howard Schultz has warned that cryptocurrencies need to be adopted by retailers in order to join reserve currencies around the world. The Bakkt project has for the latter part of 2018 been touted as the platform to finally make way for mainstream institutional investors to get into the cryptocurrency game and could see the beginning of Starbucks crypto coffee and bagels.

Currently, CoinMap identifies over 14,600 establishments that accept Bitcoin across the world, but these are not simply eateries such as restaurants and cafés. Scandinavia may be the place to dine on Bitcoin though. Denmark is keen and now registers 1500 restaurants which will happily take clients BTC for a tasty meal. Further south in Holland, Arnhem, once called the “world’s most Bitcoin-friendly city”, is now seeing BTC less used for such payments.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post IMF Online Pollsters Call Crypto Most Popular Payment by 2024 appeared first on BitcoinNews.com.

South Korean Military Launches Blockchain Acquisition Platform

South Korean Military Launches Blockchain Acquisition Platform

South Korea’s Defense Acquisition Program Administration (DAPA) has launched a blockchain platform designed to facilitate secure data sharing among military operatives.

DAPA says the platform will be used by different government agencies to share information regarding military acquisition projects in a more secure way, while eliminating the potential for data forgery or unauthorized data interception. The blockchain platform is also touted by DAPA to reduce the paperwork required in new acquisition projects and unify the existing documentation.

Several examples of the government agencies that will be using the platform are cited in the announcement’s accompanying press release; these agencies include the Agency for Defense Development and the Defense Agency for Technology and Quality.

In January this year, DAPA began a pilot program to research potential applications for blockchain in the country’s defense industry. Each successful project will reportedly to receive USD 530,000 (the equivalent of KRW 600 million) from the state. The official notice encourages all defense companies to seek funding via the Korea Internet & Security Agency to participate in the pilot (KISA), regardless of the size of the company.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post South Korean Military Launches Blockchain Acquisition Platform appeared first on BitcoinNews.com.

South Korea Expands Blockchain Pilot Expedition

South Korea Expands Blockchain Pilot Expedition

The South Korea Internet and Security Agency (KISA) has selected 32 companies to carry out 12 pilot blockchain-related projects in 2019, according to an official press release on the KISA website.

The pilot, dubbed 2019 Blockchain Public Leadership Pilot Project, is expected to provide a nursery for innovative science expedition involving blockchain, its best practices, and application in different sectors of the domestic economy.

According to the press release: “A total of 32 companies will be selected to conduct the 12 projects of the pilot project in 2019, and these companies will share their business plans through a briefing session on 1-2 April.”

The statement also hinted on the direction of focus for the pilots, this includes healthcare and drug administration, energy sector, food safety, trade economy, protection of the rights of part-time workers, waste management, and disaster prevention.

“Blockchain technology is now in full swing”, says Koo-Myung, director of internet service support at KISA; and once these blockchain pilot projects are completed, the ICT systems in sub-economies would be fully compensated. Koo-Myung said:

“By implementing the blockchain pilot project, we have complemented the limitations of existing ICT technology and applied various convergence technologies to areas close to real-[life applications]. We will continue to improve the quality of life for our people.”

Meanwhile, Yeongdeungpo-gu district has implemented blockchain technology in its proposal evaluation system to further improve transparency of its administrative processes.

In September last year, the South Korean government proposed to spend KRW 10 billion (USD 9 million at the time) to revitalize the local blockchain market through 2019. At the time, director of KISA Min Kyung-sik said: “We are going to lead the blockchain technology by creating a new market and carrying out public-part demonstration projects and private-led projects.” And now, it has successfully doubled the blockchain project quota from the initial 6 to 12.

Recently, the Ministry of Information and Communication (MIC) was in the market to recruit professionals into its Blockchain National Participation Evaluation Team, to effectively manage the relative impact of the pilot projects towards its citizens.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post South Korea Expands Blockchain Pilot Expedition appeared first on BitcoinNews.com.

Ethereum Co-Founder Says Time for South Korea to Deregulate Blockchain

Ethereum Co-Founder Says Time for South Korea to Deregulate Blockchain

Ethereum founder Vitalik Buterin has urged South Korean regulators to remove restrictive blockchain industry laws in a recent visit to the Asian tech powerhouse.

Buterin was speaking to South Korean parliament members in a hope to overturn the government’s current stance which currently favors blockchain over Bitcoin and other cryptocurrencies, by its banning of ICOs.

The Ethereum Canadian-Russian crypto entrepreneur was quick to point out that separating the two key aspects of the burgeoning tech and payments industry wasn’t feasible due to their interdependence. He also explained that ICOs have moved considerably since the early days of cryptocurrency and scams are now rare, adding “ICOs have certainly improved, and will continue to improve in the future”. He argued:

“Blockchain is a technology that can be run without cryptocurrencies, but there is no crypto without blockchain. Public blockchains rely heavily on cryptography. Therefore, cryptocurrencies are absolutely necessary.”

The initial banning of ICOs in South Korea was implemented by President Moon Jae-in. also removing generous tax breaks for crypto businesses after a number of high-profile crypto scams. The approach has impacted the industry in the country which has largely flourished despite prohibitive government intervention and legislation.

Last year, Chin Dae-je, chairman of the Korean Blockchain Association, made a strong case for legalizing ICOs, suggesting that they offered a way creating new jobs, boosting the economy and producing innovative world-leading blockchain startups in the country, commenting:

“The government should implement guidelines to nurture the domestic blockchain industry, which will help Korea emerge as a global industry leader… Startups who comply with guidelines should be allowed to launch ICOs.”

Both Buterin and Reddit founder Alexis Ohanian agree with these sentiments as cryptocurrency emerges from what it calls a “crypto winter”, suggesting that a purge of bad actors and scams over this period is creating a much healthier crypto environment. Ohanian said:

“The speculators have fled and that’s great. Because the people who are now building on crypto are true believers. They’re actually building the infrastructure that it’s going to take to really make this happen.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Ethereum Co-Founder Says Time for South Korea to Deregulate Blockchain appeared first on BitcoinNews.com.

South Korea Police Use AI to Capture $18 Million Crypto Scammers

North Korea's Unlikely Relationship with Crypt (1)

A local English newspaper, the Korea Joongang Daily, has reported the successful capture of cryptocurrency ponzi suspects by South Korean police, with the aid artificial intelligence (AI).

The ponzi allegedly raked in over KRW 21.2 billion (USD 18.3 million) from victims over a period of six months last year. However, their run came to a decisive end after the Seoul Special Judicial Police Bureau for Public Safety were able to locate and capture the operators using trained robots. Feeding the AI with keywords and clues, the section chief of the bureau’s second investigation team, Hong Nam-ki, said:

“Through keywords such as Ponzi, loan and recruiting members, we were able to teach the AI patterns of Ponzi schemes. The program can also identify advertisement patterns and identified the enterprise in question, which [was caught] with evidence provided by an unnamed informant.”

The ponzi operators, who were named only as Bae and Lee, sold what they purported were private digital tokens dubbed M-Coins. Recruits would also accrue membership fees.

They preyed on the general lack of knowledge regarding cryptocurrency among the public to convince them to part with their money, with an older age group forming the majority of victims. Nam-ki explained that during the stakeout operations, police observed that most of the attendees at presentations were between 60 and 70 years of age.

Neighboring China last year arrested 98 people and recovered USD 266 million from the infamous OneCoin ponzi scheme.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post South Korea Police Use AI to Capture $18 Million Crypto Scammers appeared first on BitcoinNews.com.

Two South Korean Unis to Create Blockchain Campus

Two South Korean Unis to Create Blockchain Campus

South Korea has never shied away from demonstrating its pro-cryptocurrency stance, and the latest industry project in the Asian powerhouse now sees two universities combining to create a blockchain campus.

The two institutions, Pohang University of Science and Technology (POSTECH) and Yonsei University, have plans to test out a combined campus later this which will also involve students from both universities.

The crypto space in South Korea is booming and has become world’s third-largest crypto market, but this is mainly company driven, as South Korean legislators have largely been reticent towards any kind of progressive moment in the industry. Cryptocurrency activity is mainly unregulated as the central bank and financial regulators refuse to recognize it as a currency or financial product.

However, moves such as this demonstrate South Korean educators’ drive towards forging ahead and simply letting the government catch up with legislation. The campus blockchain-based system is scheduled to aid blockchain research through the opening of a center, organizing curriculums, and establishing a connection with entrepreneurial programs.

Another by-product of the project run by POSTECH will be to create Engram, a blockchain-based group intelligence knowledge sharing system and also a voting survey system called Voting for students. A reward system will be introduced through a cryptocurrency called Neurons which can be used at university cafeterias.

The voting system will enable immutable recording of student history and student life and the new blockchain system will enable more effective student card and certificate issuance, and donation management. POSTECH president Kim Doh-yeon was clearly encouraged by the universities’ amalgamation to create a new campus devoted to blockchain research and development:

“The blockchain technology has innovative and destructive power to create a new concept industry. It is meaningful that POSTECH and Yonsei University jointly design the future of core technology and establish educational and research foundations for future talent to prepare for the technology.”

Last year, Ripple made a donation of over USD 50 million to universities as part of a project which promotes and disseminates blockchain and cryptocurrency across the globe. There are 17 universities currently beneficiaries to Ripple’s program. Korea University, another South Korean educational institution, was the only East Asian university on the list.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post Two South Korean Unis to Create Blockchain Campus appeared first on BitcoinNews.com.

Bithumb Looses Almost $19 Mln in EOS, XRP ”Insider” Theft

bithumb

South Korean cryptocurrency exchange Bithumb suffered an attack that allegedly led to the theft of USD 19 million in EOS and XRP. The exchange addressed the circumstances of the hack on Twitter, on Saturday 30 March.

Bithumb details that suspicious activity was first detected at 10:15 on 29 March in the manner of abnormal withdrawals. All funds following this detection were secured via cold wallet storage, while users accounts have been temporarily blocked from making any deposits or withdrawals.

An insider attack

The exchange took full responsibility for the attack, claiming that it had only concentrated its security efforts on external attacks and this appears to have involved ”insiders.” It also apologized to clients for neglecting to verify members of its staff.

Despite this incident being the second hack that Bithumb has been subject to in less than a year, a statement from the exchange promised there would be no further security compromises.

During this latest attack, the EOS hot wallet sent consecutive payments totaling USD 12.5 million into the attacker’s wallet before the exchange realized what was happening. According to a report from the Block Crypto, an additional USD 6.2 million in Ripple was also stolen.

It has been speculated that the attack came as a result of Bithumb’s employee layoffs which has reportedly affected up to 50% of the workforce.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Bithumb Looses Almost $19 Mln in EOS, XRP ”Insider” Theft appeared first on BitcoinNews.com.