Korean youth turn to cryptocurrency out of despair

Electronic Money is booming in South Korea with over 16 million users, accounting for more than 30% of the population. However, according to expert Eli Ilha Yune, the main driving force is not the belief in blockchain technology but the economic despair of the youth.

The unemployment rate for those aged 15–29 is currently at 6.6%, more than double the national average. Housing prices in Seoul have doubled over the past five years, making both buying and renting unaffordable. With low stock market returns, many young people are left seeking opportunities for quick wealth through crypto. The 2025 asset report shows that wealthy young people own crypto three times more than those over 45. President Lee Jae-myung is promoting the integration of digital assets into the financial system, including the ability to issue stablecoins linked to the won.