A survey conducted in South Korea has found that the youth in their 20s are the most active participants in the country’s cryptocurrency investments and trading.
The survey was conducted by Korean Financial Investors Protection Foundation among 2,530 South Koreans between the ages of 25-64. Yonhap news agency published its results Wednesday.
About 14 percent of respondents said they purchased virtual currencies. Among them, 22.7 percent belonged to people in their 20s – the highest age group who said they purchased virtual currencies.
South Koreans in their thirties (19.3 percent) and their forties (12 percent) are relatively less active digital currency investors.
Interestingly, the amount of money that the old-aged group invest is vice versa.
Only 10.5 percent people in their 60s are dealing with cryptocurrency, but they topped the list in the amount of the investments made, with the total reaching an average of 6.58 million won ($6,161).
About 70.2 percent of those surveyed said they bought virtual currencies for the purpose of investment, while 34.1 percent said they purchased cryptocurrencies as a payment service.
More than 2 million South Korean citizens are estimated to own one of the top digital currencies such as bitcoin cash, ripple, bitcoin core, and ethereum.
The South Korean authorities are mulling several regulatory actions to control the crypto frenzy that has hit Asia’s fourth-largest economy, which has also emerged as the world’s second-largest market for cryptocurrency.
The government, which had considered extreme measures including an outright ban of crypto currency trading and closing down crypto exchanges, seems to have eased the hardline approach recently.
The regulators are reportedly considering a licensing system and tax for cryptocurrency exchanges as well as crypto trading.