SEOUL, May 28 (Korea Bizwire) — Despite the burgeoning interest in cryptocurrencies in South Korea, a majority still believe that investing in the digital currencies is speculative and without substance. Four Seoul-based pollsters — Embrain Public, KSTAT Research, Korea Research International Inc. and Hankook Research — conducted a survey of 1,008 male and female adults [...]
SEOUL, May 26 (Korea Bizwire) — South Korea’s credit card companies are cutting overseas automated teller machine (ATM) withdrawal limits as part of their risk management efforts. The nation’s largest credit card company, Shinhan Card Co., announced on Tuesday that it will reduce per-client overseas ATM withdrawal limits to US$50,000 per month starting from next [...]
SEOUL, May 11 (Korea Bizwire) — Increasing number of younger South Koreans are struggling with frustration over investment in the so-called ‘altcoins’, low-price and high-risk cryptocurrencies. Many university students and recent lower-income graduates are showing up at hospitals to treat psychological stress caused by fluctuations in altcoin prices. An individual referred to only as Song, [...]
SEOUL, March 16 (Korea Bizwire) – The market value of cryptocurrencies in South Korea has shot up nearly 10 times over the past three years amid keen investor interest, industry sources said Tuesday. According to local cryptocurrency exchange Upbit, its market index stood at 9,742.62 points as of 5:45 p.m. Monday, almost 10 times the [...]
SEOUL, March 15 (Korea Bizwire) — South Korea’s tax agency said Monday that more than 2,400 delinquent taxpayers have stashed away 36.6 billion won (US$32.2 million) in bitcoin and other cryptocurrencies to hide their assets. The National Tax Service (NTS) said it has cracked down on 2,416 taxpayers who have hid their income or inherited [...]
SEOUL, March 9 (Korea Bizwire) — The average daily transaction amount of cryptocurrencies is skyrocketing on the back of rising investment fever. The combined transaction amount of the nation’s four major cryptocurrency exchanges totaled 445 trillion won (US$389 billion) during the period from Jan. 1 to Feb. 25, far exceeding last year’s yearly total of [...]
WELLINGTON, New Zealand, Sept. 24 (Korea Bizwire) — BitHarp Group Limited ( www.BitHarp.com ), an experienced manufacturer of crypto mining hardware, is rapidly emerging as a trusted name amongst individuals looking to make a profit by mining cryptocurrencies at home. The company’s recently launched products Lyre Miner and Harp Miner are characterized by low heat and noise [...]
SEOUL, Jul. 6 (Korea Bizwire) — South Korean banks’ investment in crypto-assets remained low despite a recent craze for the new type of digital currencies, a central bank report said Friday. The outstanding balance of virtual accounts in local banks reached 2 trillion won (US$1.79 billion) as of December last year, according to the report [...]
SEOUL, Jan. 10 (Korea Bizwire) — South Korea’s financial regulators have inspected banks that have opened virtual accounts for corporate customers amid concerns that such accounts could be exploited as a loophole to attract new investors for cryptocurrencies, an official said Wednesday. Regulators have banned banks from offering virtual accounts, which are needed to sell [...]
SEOUL, Dec. 27 (Korea Bizwire) — More than three out of every 10 South Korean workers have invested in cryptocurrencies to make a quick buck, a recent survey showed Wednesday. Of the 941 salaried people questioned, 31.3 percent have invested in virtual currencies, according to the survey conducted by online job portal Saramin. The average [...]