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News Report

How South Korea Plans to Use Crypto to Tackle Its Aging Population

2 mins
Updated by Geraint Price

In Brief

  • Of Busan's population, 21% is aged over 65.
  • The city's head of blockchain division believes that crypto will attract young folk to the city.
  • Busan has signed an MOU with Binance to develop a public exchange.
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For many, crypto may appear to be the preserve of the young, but one South Korean city is turning the tables and using it to tackle the problem of an aging population.

A glance at social media shows it’s young folks, particularly Gen Z that dominate the crypto industry. Furthermore, Triple A statistics show 72% of crypto owners are under 34. In 2021, nearly 50% of those aged between 25 and 40 were comfortable with crypto investments.

The belief is that if a country brings in crypto-friendly regulations, they might receive immigration from younger people currently residing in a nation with an anti-crypto stance. Busan, one of the fastest aging cities in South Korea, plans to experiment with crypto to attract a young, crypto-savvy demographic – and lower the age of its current one.

Crypto Adoption – Hope for Busan

According to Bloomberg, around 21% of the Busan population is over 65. Not just Busan, but South Korea in general is witnessing a rapidly increasing elderly population. Around 17.5% of the Asian country’s population is at least 65 years old.

percentage of aging population in South Korean cities
Source: Bloomberg

Park Kwang-hee, the head of the blockchain division at Busan’s metropolitan government, believes that younger people prefer to work in crypto-related sectors. He added: “This is a completely new road. We are continuing to consult with experts to develop our plan.” 

The South Korean city has also entered a memorandum of understanding (MOU) agreement with Binance to launch a public crypto exchange. And Binance completed the acquisition of a majority stake in GOPAX, one of the largest crypto exchanges in the country, earlier this month.

The country is gradually taking steps towards crypto adoption by launching public metaverses in Seoul and Seongnam. Recently, it allowed the issuance of Security tokens for business ownership.

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