Cryptocurrency is experiencing significant growth in South Korea, largely driven by economic desperation among its younger population rather than genuine enthusiasm for blockchain technology. Eli Ilha Yune, a local expert, stated during a recent panel at German Blockchain Week that many South Koreans are engaging in crypto trading as their only viable financial opportunity, while traditional investments like stocks yield limited returns. Youth unemployment is notably high, at 6.6% for those aged 15 to 29. The soaring costs of housing in Seoul, where median apartment prices have reached approximately $689,000 and the price-to-income ratio stands at 15.2, have forced young people to rely on cryptocurrency as a potential escape from financial instability. Despite the dire circumstances, Yune pointed out that younger individuals still view stocks as a primary investment option, although they often find little to no return. Current political shifts with the newly elected President Lee Jae-myung also aim to integrate cryptocurrency into the broader financial system, which may impact these trends further.

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