Breaking News: Investors in South Korea look to cryptocurrencies as gold prices struggle

“We will need to adjust the degree of monetary policy easing appropriately based on improving economic conditions.” Bank of Korea Governor Lee Ju-yeol said:

In response to the above-mentioned development, a banker noted,

As a result, gold prices are struggling to their lowest level in six years. Subsequently, virtual assets have become popular investment vehicles.

“I can’t yet say that virtual assets are better than gold, but if the global flow continues to NFTs and virtual assets, it is possible that it could grow as big as the stock market.”

In fact, Kim Hee-Jeong, head of NH All100 advisory center, said that although cryptocurrencies are not included in clients’ portfolios due to the high volatility of assets, clients who wish to invest in the asset class increased.

Even so, the translated report also pointed out,

“National banks are not actively investing in virtual assets because of the government’s stance. However, as investment in virtual assets stretches beyond 20-30 generations to the elderly, many investment requests are said to be coming in. “

National securities firms have been publishing virtual asset reports since the start of the year, according to the findings of another local report. What this further suggests is the incorporation of the asset class into the portfolios.

Additionally, in light of last year’s returns, institutions are turning to virtual assets in South Korea again this year.

Jae-sun Lee, a researcher at Hana Financial Investment, told the local newspaper that growing interest in the virtual asset market has placed the class in a full-blown institutional setting over the past year. With that, Mirae Asset Securities Chairman Choi Hyun-man commented:

“The advent of technologies such as cryptocurrency, blockchain, metaverse, and NFT have created new markets and new businesses. “

However, it should be noted that the country has introduced strict rules regarding virtual assets and their taxation since 2021. Recently, the Game Management Committee (GMC) of the Ministry of Culture, Sports and Tourism sent an official letter to the mobile application markets. like Google and Apple. The letter essentially ordered companies to block “speculative games to make money” or games to win (P2E), a segment that is a popular part of the crypto ecosystem.

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