New Report from KB Financial Group Suggests That Most South Korean Residents Are Uninterested in Cryptocurrency Investments
KB Financial Group Inc. is a financial holding company, and they recently published a report on August 6th, discussing cryptocurrency investments so far this year. Their survey included information collected from 600 households that presently held at least KRW 500 million (approximately $447,000 USD) from April to May this year. They also surveyed 400 individuals who held KRW 1 billion (approximately $894,000) during the same time.
Of the group surveyed, they found that 74.8% did not even intend to invest in cryptocurrency at all, regardless of regulations and changes. However, 23% had more of a realistic view, saying that their investments would be decided on a situational basis. Only 2% said that, with certainty, they would invest in cryptocurrency at some point in the future.
Despite the bleak future in South Korea for cryptocurrency, the rest of the world is much more open-minded and optimistic. In the report, the Group said that 29% of those who already have global assets, and 52% of those who have Asian assets (apart from Japan), have interest in the industry.
South Korea has been fairly bold on the cryptocurrency front, banning anonymous trading and stopping official trading. In fact, they have essentially blocked Bitcoin from being a valid remittance method but have curiously removed the former ban on initial coin offerings (ICOs). The Bank of Korea has been clear on the lack of competition that cryptocurrency is for their financial market, saying that “the amount of crypto-asset investment is not really big.”
KB Financial Group is based in Seoul, South Korea. They offer many financial services, which includes banking options for consumers.