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Cryptocurrencies May Be The Solution To South Korea’s Aging Population

cryptocurrencies may be the solution to south korea's aging population

Cryptocurrencies may be commonly associated with the younger generations, but in South Korea, a city is challenging this misconception by using them as a weapon against an aging population’s challenges. This fresh approach could not only generate long-term solutions that will affect how people think about cryptocurrency across the globe but also offer other advantages like technological advances and financial inclusion to towns facing age-related problems with few resources available.

Younger People Are Very Interested In Cryptocurrencies

It’s no secret that Gen Z dominates the crypto industry, and research from Triple-A confirms this. 72% of people in possession of cryptocurrencies are aged under 34! 2021 is expected to see a surge, with almost half of those between 25 – 40 comfortable investing in digital currencies. If a country begins introducing cryptocurrency-friendly regulations, it could potentially open opportunities for younger citizens living in countries that have adopted an anti-crypto stance, making them more likely to migrate there. Busan, one of the most rapidly aging cities in South Korea, is taking steps to attract a more crypto-savvy demographic and reduce its current elderly population. Bloomberg reported that 21% of all people living in Busan are over 65 years old, while 17.5% of the entire country’s citizens have reached this age or older. To combat these numbers and increase the vibrancy within their city limits, Busan is turning towards innovative strategies such as utilizing cryptocurrency markets.

cryptocurrencies may be the solution to south korea's aging population

Efforts are underway to expand the Cryptocurrency Industry in the Country

The head of the Busan Metropolitan Government’s blockchain division, Park Kwang-hee, believes that younger people prefer to work in crypto-related sectors. He added: “This is a completely new road. We continue to consult with experts to develop our plan.”

The South Korean city has also entered into a memorandum of understanding (MOU) agreement with Binance to launch a public cryptocurrency exchange. And Binance completed the acquisition of a majority stake in GOPAX, one of the largest cryptocurrency exchanges in the country, earlier this month. The country is gradually taking steps towards the adoption of cryptocurrencies by launching public metaverses in Seoul and Seongnam. It recently allowed the issuance of security tokens owned by companies.

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