Busan Wants to be Bitcoin and Global Crypto Hub

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1. Busan wants to be a global Bitcoin (BTC) and crypto.
2. South Korea has emerged as a critical participant in digital assets.
3. Around 4% of South Koreans own and use cryptocurrencies.

In recent news, the city of Busan, the second largest in South Korea and home to about 3.45 million people, has announced that it is working toward being the worldwide hub for Bitcoin (BTC) and other cryptocurrencies.

South Korea, which has a population of about 51.7 million people, has emerged as a critical participant in digital assets, with numerous cryptocurrency exchanges and a high adoption rate of digital technology and virtual currency among its residents.

TrippleA, a blockchain solution firm, estimates that around 4% of South Koreans own and use cryptocurrencies. This is because a sizable portion of the population, especially the country’s youth, now considers cryptocurrency a legitimate method of wealth accumulation and investment.

Recent elections in South Korea resulted in the election of Yoon Suk Yeol as president. The citizens of South Korea voted for Yoon Suk Yeol because the newly elected president promised to advance digital currency policies that would allow cryptocurrencies to be fully integrated into the country’s economy. In addition, Yoon Suk Yeol also vowed to stand by the pledge of cryptocurrency in the country.

In addition, Busan has engaged in several collaborations with world-leading cryptocurrency exchange platforms like Binance to jointly launch a cryptocurrency trading venue by the end of the current year.

Meanwhile, South Korea’s government has taken a careful approach to the regulations governing cryptocurrencies. It has enacted legislation to foster the growth of businesses while also clamping down on behavior that it views as exploitative from rogue actors.

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