Koreans Trade More Cryptocurrencies Than Americans
08 May, 2021
Korea has more small cryptocurrency exchanges compared to the U.S. or Japan and more highly volatile types of cyber money are traded here.
A total of 178 cryptocurrencies are traded on UPbit, Korea's most significant cyber money exchange, and second-ranked Bithumb trades 170 types. On the other hand, the top U.S. cyber forex, Coinbase, trades only 58 cryptocurrencies, and Japan's No. 1 exchange bitFlyer handles only five, including Bitcoin and Ethereum.
In every of Japan's cryptocurrency exchanges, only 29 types of cyber money are traded.
Experts blame Korea's lax rules for triggering frenzied speculation. Choi Gong-pil at the Korea Institute of Finance said, "Today's cryptocurrency market does not have any transparent standards, and several transactions are being made solely predicated on agreements between issuers and exchanges, which creates a very risky environment for investors."
A major hacking incident targeting the Mt. Gox exchange in Japan in 2014 prompted both financial authorities there to come up with supervisory guidelines that finished up cooling speculative trading.
Coinbase also applies strict guidelines for security and transparency. But a hacking incident in Korea that led to the tens of billions in losses in 2017 did not prompt any reflection or guidelines.
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