A new report from KB Financial Group says that only around 2 percent of South Korean assets holders would like to invest in cryptocurrencies.
South Korean financial holding company KB Financial Group Inc. has released an Aug. 6 report on crypto investments in 2018, finding the majority of domestic respondents revealed no intention to invest in crypto.
KB Financial Group Inc. is headquartered in Seoul, South Korea and focuses on a range of banking and related financial services. Their survey involved 600 households that had financial assets of more than KRW 500 million (around $447,000) from April to May, as well as 400 respondents with over KRW 1 billion in financial assets (around $894,000).
According to their latest publication, 74.8 percent of domestic respondents revealed no intentions to invest in cryptocurrencies, 23 percent said that investments depended on the situation, and only around 2 percent intended to invest in cryptocurrencies in the future.
Meanwhile, the global situation showed more positive dynamics, local Korean news outlet Token Post writes. The KB Financial Group report notes that 29 percent of global asset holders and 52 percent of Asian asset holders — excluding those in Japan — are interested in cryptocurrency investments.
South Korea’s relationship to cryptocurrency has oscillated with the crypto craze, as the country has both banned anonymous trading and forbidden minor and government official from trading, as well as legalized Bitcoin (BTC) as a remittance method and lifted the ban on Initial Coin Offerings (ICO).
Earlier in July, the Bank of Korea had released a report noting that crypto does not pose any threat to the local financial market, underling that “the amount of crypto-asset investment is not really big.”