A report reveals the most popular cryptocurrency in South Korea… Get to know it!
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Answer A report reveals the most popular cryptocurrency in South Korea… Get to know it!
According to a recently published study, South Korean investors own more than $5 billion in Bitcoin (BTC).
While Ripple (XRP) is the second most popular cryptocurrency in South Korea, the population there owns nearly $4.8 billion.
Bitcoin and Ripple at the top of the list:
South Korea’s leading cryptocurrency exchanges Upbit, Bithumb, Coinone and Korbit have conducted a study to determine the most attractive digital assets for local investors.
The largest cryptocurrency by market capitalization “Bitcoin” ranked first, with South Koreans investing more than $5 billion in it.
The digital currency XRP ranked second with about $4.8 billion distributed in it.Read:BTC slides to nearly $28K in minutes after US inflation data is published
The third and fourth places were taken by the digital currency Ethereum and Cardano, respectively.
Investors own approximately $4.5 billion in the second largest cryptocurrency and nearly $1 billion in ADA.
Interestingly, the first ever meme coin, DOGE, is nearing the top five.
South Koreans own nearly $900 million in DOGE.
The report indicated that local investors traded more than $7 trillion in digital assets throughout 2021.
This number is more than the total amount traded on Korea’s main composite stock price index and transactions at the small KOSDAQ company.
South Korea Takes the Crypto Path:
Last month, the East Asian country held its most competitive presidential election.
The Conservative Party candidate received only 263,000 more votes than his opponent and became the next president of South Korea.
More interestingly, he is a staunch supporter of the crypto industry and has vowed to turn his home into a cryptocurrency hub.
During his campaign, he promised to allow initial coin offerings (ICOs) and to increase the minimum payment of capital gains tax on the profits of crypto investments.
He also pledged to change the law and make sure those who generate less than $40,000 a year are exempt from paying taxes.Read:The founder of the crypto company FTX declares: Bitcoin has no future as a payment system
Currently, such taxes are levied on investors who earn more than $2,000 annually.
So the new president has become particularly welcome among those enthusiasts of the cryptocurrency industry, as the head of the BigONE Exchange – trading platform – welcomed the country’s new president, commenting around:
He understands the importance of cryptocurrencies.
He understands the future, and he cannot be stopped.
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