This article was first published here
A new report by the KB Financial Group, a South Korean holding company, suggests that a very low percentage of domestic respondents are interested in making crypto investments.
Headquartered in Seoul, South Korea, KB Financial Group Inc. has a focus on banking and financial services related to banking.
Its survey included a total of 1,000 respondents 600 with financial assets worth $447,000 and 400 whose financial assets are at least $894,000. The data was collected between April and May this year.
According to the report published on 6th August, only 2% of the respondents said they would consider investing in virtual currencies in future. 23% said that their decision on whether to invest or not would depend on the situation. A total of 74.8% of respondents said that they had no intention whatsoever to invest in crypto.
Positive Global Outlook
In the meantime, the global crypto market has shown a more positive outlook. The same report shows that 52% of Asian virtual asset holders apart from those in Japan, and 29% of asset holders globally are interested in investing in crypto.
The situation in South Korea has been oscillating according to the wave of the crypto craze. At the beginning of the year, the country’s regulators forbade minors from trading cryptocurrencies and banned trading under anonymous identities. Government officials are also no longer allowed to trade.
Later the country legalized the use of bitcoin as a method of remittance and also lifted the ban it had earlier imposed on initial Coin Offerings (ICOs).
Last month, the Bank of Korea released a report saying that the crypto sector does not pose a threat to the country’s financial industry. It said among other things that “the amount of crypto-asset investment is not really big.”