A surge of interest in cryptocurrencies threatens South Korea’s labour market with a shortage of young workers. According to local daily Chosun, the paper reports.
According to a number of employers, their workers aged 20 to 30 are distracted by tracking Bitcoin price fluctuations or quitting to devote themselves fully to trading. Some companies are seeking ways to block access to cryptocurrency exchanges during working hours.
A 20-year-old named Han Jong-su left a credit-card services company after three years, having earned 3 billion won ($2.7 million) from cryptocurrency.
“I enjoyed working, but I realised that financially it would be wiser to focus on investments given the returns on the time I invest,” he said.
Part of the youth’s interest in high-yield investments is explained by rising housing prices.
“I understand that I won’t be able to afford a home regardless of how much I save from my salary. Despite the enormous volatility, besides cryptocurrencies there is no other way that would allow me to accumulate capital,” one of the office workers says.
A Seoul-based startup founder confirmed IT workers’ interest in investing in cryptocurrencies:
“Employees leave after they’ve saved up a sufficient amount. This is one of the reasons why IT companies have recently started to raise salaries sharply.”
Earlier ForkLog reported that the Seoul government seized digital currency worth $22 million from private individuals and company executives who evaded taxes.
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