Home Editor's Pick 80% of South Koreans Consider Crypto a Form of Gambling, Survey Finds

80% of South Koreans Consider Crypto a Form of Gambling, Survey Finds


A survey conducted in South Korea has revealed that 80 percent of the country’s citizens view cryptocurrency as a form of gambling. The survey, which was conducted by a team of economics professors from the Seoul National University and the Korea Institute of Finance, polled 1,000 adults aged between 19 and 59.

The survey found that 81.5 percent of respondents viewed cryptocurrencies as gambling rather than an investment or a form of payment, while only 3 percent of those surveyed said that they had personally invested in virtual currency. The survey also found that there was a great variance between the responses of different age groups, with younger people far more likely to view crypto favorably than those aged 30 and above.

The survey findings are in stark contrast with South Korea’s crypto industry, which has experienced a surge of interest in recent months. Last year, South Korea became one of the first countries in the world to legalize digital currency trading on exchanges. It has also seen a slew of new blockchain businesses spring up in the country, including an official exchange set to launch in the near future.

Cryptocurrency will likely remain a contentious issue in South Korea for some time. Despite the recognition of the industry by the government, it is still seen by many as an extremely volatile speculation avenue. It remains to be seen if the current attitude towards the industry will change as the market continues to grow and innovate.

You may also like