Korea gets crazy about crypto - why?

What is only happening these days in Korea? In summer it was Ethereum, now other cryptos that gets massive investments like IOTA or our STEEM (but mainly SBD). For South Koreans investing in digital currencies is a roller coaster and a lot of them are riding that thrill. Even government, major banks are global brands like Samsung are in on the action. So prices for several currencies are skyrocketing due to a stronger demand from Asia, mainly Korea which is the third-largest market around the globe. Korea is a major hub for trading virtual currencies not matter of a a government clampdown and cyberattacks from the neighbour in the North. Why is that? The country is one of the most wired societies and a real fast broadband internet access (the contrary to my lovely country Germany).

Behind Japan and the US Korea is No. 3 Bitcoin trading market in the world already and even the biggest exchange market for Ether the cryptocurrency of Ethereal. The country has even digital-currency exchanges where investors can handle transactions in person - that is wow!

Currently the local government is worried about the trends especially about ICOs in general as way to fund raise "money". The local Financial Services Commission ordered a ban on ICOs 3 months ago. However unlike China, South Korea has not implemented its ICO rule yet and still lets investor put money into foreign ICOs as well as letting digital-currency exchanges to operate in Korea. They are monitoring all but seem to have not planned immediate actions - taxes on transaction are near to be implemented - early 2018 we should hear more on this.

Apart from traders and investors now also the huge Samsung corporation is entering blockchain technology with a logistics project which could change a lot about the public awareness for blockchain in general, in and outside Korea for sure.

Exciting times for blockchain, the crypto community and the entire society. For us Steemians it is quite obvious that the recent SBD pump is based on the listing of Steem / SBD at Korea's exchange UpBit- this morning SBD price was even over $7 - and still now is over $5 when it should be around $1 as of its stabilising role but Korean just buy, buy, buy!

Main Sources: Forbes and MIT Technology review https://www.technologyreview.com/s/609561/behind-south-koreas-cryptocurrency-boom/