The South Korean government plans to launch a Bitcoin system that will have everything an ETF has

Source: Babbitt

Unlike the United States, where the much-anticipated Bitcoin ETF was rejected by the U.S. Securities and Exchange Commission (SEC), many investors and Bitcoin community members were disappointed. However, South Korean investors believe that their government has a higher chance of launching a Bitcoin exchange-traded instrument.

South Korea has a mature Bitcoin market, with investors having traded the digital currency since its inception. Currently, the volume of Bitcoin transactions in South Korea has reached $1.29 billion (1.5 trillion won). More than 2 million Bitcoins are traded each year. South Korea's cryptocurrency market is expected to expand fivefold in the next three years.

South Korea’s financial authorities plan to launch a series of bitcoin systems, according to local media reports. These systems include exchange-traded funds that would allow traditional investors to bet on bitcoin’s volatility and price growth in familiar settings, such as standard stocks.

South Korea has attracted a number of celebrities in the cryptocurrency industry. Recently, the Winklevoss brothers, the initiators of the Bitcoin ETF, have launched the Gemini Bitcoin exchange in the country.

Currently, the country is also planning to recycle banknotes and coins. This plan has been proposed for some time, but it has not been finalized. However, according to reliable sources, the Bank of Korea focuses on small-denomination banknotes and plans to promote prepaid cash cards in stores and cancel change services. This move will also help the application of electronic currency and lay the foundation for the popularization of cryptocurrency.

The rejection of the Bitcoin ETF triggered a temporary drop in the price of the coin. Due to the weakening demand from the investor community, the price of the coin fell all the way from $1,250 to $1,022. Although the price of the coin fell by about $200, the cryptocurrency was very resilient and quickly recovered, with the price returning to $1,200. This phenomenon shows that Bitcoin is becoming more and more mature, and perhaps the SEC will reconsider its decision soon.