Crypto exchanges in South Korea face complaints from customers
Crypto exchanges in South Korea have landed in a rising number of complaints from customers. It seems that after the approval of crypto exchanges in the nation, a lot of complaints have been registered against four of the major exchanges in the Korea Consumer Agency.
Exchanges see a surge in complaints
Four of the major cryptocurrency exchanges in South Korea include Upbit, Bithumb, Coinone, and Korbit. Moreover, there is a tenfold surge in complaints raised by the Korea Consumer Agency to the offices of the MP Lee Joo-hwan of the opposition People’s Strength Party, as per a report from Yonhap.It is also important to note that there were 232 formal complaints lodged against the top 4 major crypto exchanges in South Korea. The numbers have surged by more than ten times as compared to the years 2019 and 2020. The biggest number of complaints were registered against Coinone (130 cases), followed by Upbit (74 cases), Bithumb (17 cases), and finally Korbit (11 cases).
Crypto adoption surge in South Korea
There has been a huge rise in cryptocurrency adoption in South Korea. Moreover, the Bank of Korea completed the first phase of the simulation project of a central bank digital currency (CBDC). The number of countries testing their CBDCs surged in 2021-22, and Korea seems to be a part of it.In addition to the release of CBDC in Korea, Myanmar is also testing its central bank digital currency. The country aims to boost economic growth with the release of a digital currency.
As per the recent report from Cryptonary, India has also planned the release of its CBDC. The country is planning to launch a pilot CBDC version in the coming years with 2 versions: one for retail and one for wholesale usage.
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