A Study of Bitcoin Acceptance in Korea

다국어 초록 (Multilingual Abstract)

This study examines the spread of Bitcoin worldwide, specifically, where and why it has and has not been accepted, focusing on South Korea. The analysis covers the new forms of currency that have been privatized and how state authorities have monopolized all rights to currency as a tool for economic management through the central bank, after the extinction of private currency. First, the examination identifies the basis on which countries decide whether they will treat Bitcoin as a digital currency, impose taxes, or recognize it as a currency, in their approach to regulation. Second, it confirms that governments believe in keeping their exclusive rights to currency in accordance with conventions and traditions. Third, analyzing public media reports, it categorizes types of regulations on the basis of severity, and identifies the causes behind varying degrees of regulation among different countries by assessing situational examples. The nature and extent of a country’s Bitcoin usage depends on its domestic and international circumstances and political commitment. One limitation of this study is its lack of quantitative research. Further research on this topic is necessary, with future studies including more countries for more significant outcomes.

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