Cryptocurrency News

Cryptocurrency Transaction Flows in Bank Accounts Experience High Surges in South Korea

When the cryptocurrency industry was founded back in 2009, it was hardly even adopted by the computer geeks in the beginning. It was a new concept followed by new technology. Therefore, many of the people did not recognize what it was and were not able to benefit from it much.

Then the world slowly started to recognize the potential and benefit of dealing in cryptocurrencies. Then in 2013, the cryptocurrency started picking up and the cryptocurrencies were picked up worldwide. Then the first boom to the cryptocurrency industry came in 2017 when the entire cryptocurrency industry surged.

After experiencing the worst plunge at the beginning of 2018, cryptocurrency came into the spotlight. The investors started shifting to cryptocurrencies and were investing handsomely in the crypto-verse.

Finally, the year 2020 came when countries from all over the world realized the potential of cryptocurrencies. That was the same time when cryptocurrencies were picked up by mainstream institutions from the entire world.

Now, the cryptocurrency industry is recognized as a competitor of alternate financing and is observing billions in transactions on a daily basis. However, the investors and countries only flocked to cryptocurrencies when they all saw what cryptocurrencies were capable of.

They did not invest in it when the cryptocurrency industry was in its initial stages. While most of the countries were even unaware of the cryptocurrency industry, South Korea was amongst the only country that trusted in cryptocurrencies.

It was one of the countries, which had recognized the potential of cryptocurrencies right when the first crypto was launched. Trusting and investing in cryptocurrencies from the very beginning gave South Korea an advantage over other countries.

Today, South Korea is the country where cryptocurrencies are official assets for investment and trade. The country has also implemented taxes on cryptocurrencies after observing the number of trades taking place in the country.

In South Korea, almost every person is aware of cryptocurrencies and people from all age groups invest in cryptocurrencies. Just recently, the South Korean banks have reported that they have observed record-breaking volumes of transactions being sent and received from local crypto exchanges.

The banks have confirmed that they have observed the stats for the first quarter of 2021. The banks have revealed that in the first quarter of 2021, they have processed transactions worth 64.2 trillion won. At the time of writing, the 64.2 trillion won figure translates to $57.9 billion worth of transactions.

The banks have confirmed that they have observed this volume from sources that have real-name bank accounts. These are official stats they have managed to collect from the banks. There might be other accounts that might be making deposits/withdrawals under concealed names.

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