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Korean Blockchain Week Draws Crowds Amid Market Turmoil

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Korean Blockchain Week Draws Crowds Amid Market Turmoil

When South Korean cryptocurrencies Luna and TerraUSD crashed in May, their failures contributed to a 300 billion dollars loss in the crypto-economy; public cries for Do Kwon, the creator of cryptocurrencies, to go to jail; and several surveys. But this, and a wider “crypto winterdriving down prices across the industry, doesn’t seem to have held back South Korea appetite for all things web3.

Korea Blockchain Week kicked off this weekend with over 7,000 people registered and over 120 speakers on the program. According to event general manager Jeon Seon-ik, this year’s event was one of the largest of its kind in Asia, if not the world.

One of the keynote speakers, Seo Sang-min, who heads the Klaytn Foundation, a major South Korean blockchain company, attributed the event’s popularity to a South Korean penchant for technology.

“Despite the Luna-Terra crash, the nation is big on crypto and is one of the tech hubs of the world,” he said in an interview.

Vitalik Buterin, co-founder and chief scientist of Ethereum, the system that runs the world’s second largest cryptocurrency after Bitcoin, also delivered a keynote address. He highlighted the need to make crypto transactions more affordable for a wider range of users and promote the benefits of a decentralized financial system.

The cryptocurrency first came to South Korea in 2017 after the country’s largest conglomerate, Samsung, announced it would find a business use for Etherum. Samsung SDS was the first Korean company to join the Enterprise Ethereum Alliance, which started in San Francisco that year to facilitate business transactions.

Since then, the South Korean crypto market has become one of the largest in the world. The country’s crypto assets grew to 55 trillion won at the end of last year, worth around $46 billion at the time, with more than 15 million registered cryptocurrency platform users. trading, depending on the country. Financial Services Commission. A few years ago, the South Korean government took a more wary stance on cryptocurrencies, and even considering banning them. More recently, however, the government has decided to regulate the industry.

Seo believes the government’s shift in approach is a recognition of the industry’s potential. “The metaverse and web3 have the potential to be more than a vehicle for investing, creating new jobs and solving real-world problems,” he said.

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