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Why are young Koreans diving into a crypto frenzy?

By Jung Da-min Park Min-soo, 25, a college student in Seoul, has recently bought Dogecoin, a meme-based cryptocurrency. Whether it is a small or large amount of money, many of her friends, including herself, are investing in various kinds of cryptocurrencies. But as the cryptocurrency market is unpredictable, they often buy one randomly, rather than based on specific, detailed analyses. Buying cryptocurrency has become a trend among our generation. We make a joke about randomly buying a type of cryptocurrency. We say, If you drink milk, then you should buy Milk Coin. If you made an online comment in reply to something, then you should buy Ripple Coin, Park said, referring to the names of two different kinds of cryptocurrency.

Korea urged to overhaul regulations on cryptocurrencies

Korea urged to overhaul regulations on cryptocurrencies Posted : 2021-05-09 16:04 Updated : 2021-05-09 16:13 Live price charts of cryptocurrencies are shown on a market board at a crypto asset exchange in Seoul, April 27. Yonhap Gov t needs to take cue from advanced countries By Yi Whan-woo The financial authorities here are facing growing calls to recognize cryptocurrencies as a new asset class and preemptively overhaul regulations in order to prevent virtual asset-related fraud and protect individual investors. Such calls come as cryptocurrencies are increasingly becoming a mainstream form of investment in Korea. According to Coin Market Cap, a popular data source for price changes in crypto assets, the combined daily turnover at the nation s top four cryptocurrency exchanges ― Bithumb, Upbit, Coinone and Corbit ― reached 4.5 trillion won ($4 billion), May 7, triple the size of the trading volume on the main KOSPI bourse

[Reporter s Notebook] Gov t urged to share balanced cryptocurrency policy

Gov t urged to share balanced cryptocurrency policy Posted : 2021-05-06 16:39 By Lee Min-hyung Some government officials are issuing a series of warnings against what they call cryptocurrency speculation to quell an escalating virtual currency frenzy here. But the anti-crypto approach keeps adding to the volatility of the market, driving more and more young people to get addicted to cryptocurrency investments under the strong belief that this is the only way for them to get rich quick. They believe it will be too late for them to do so if the financial overseers take concrete actions to regulate virtual asset transactions.

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