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Cryptocurrency

PHOTO Bitcoin falls below $90,000 for 1st time in 7 months

The price of Bitcoin is displayed on an electronic board at Bithumb in Seoul, Tuesday, as the cryptocurrency dropped below $90,000 for the first time in seven months. It briefly tumbled more than 5 percent to $89,201 at around 1:45 p.m., according to Coinbase, before trimming losses and stabilizing closer to $90,000. The decline tracks a broader pullback in risk assets, driven by hawkish signals from U.S. Federal Reserve officials and mounting concerns over a potential artificial intelligence bubble. Bitcoin last fell below this level in April when it plunged to $74,400 amid uncertainty over the U.S. tariff policy. Yonhap

Nov 18, 2025By Lee Yeon-woophoto
[PHOTO] Bitcoin falls below $90,000 for 1st time in 7 months
Economy

Seoul shares plummet on tech losses, won weakens against dollar

Korean stocks closed markedly lower Tuesday, led by chip and other tech shares, as diminishing expectations for a Federal Reserve rate cut and valuation concerns over artificial intelligence (AI)-related stocks dampened investor sentiment. The local currency weakened against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 135.63 points, or 3.32 percent, to close at 3,953.62. It marked the first time since Nov. 7 that the index fell below the 4,000 level. Trade volume was moderate at 317.62 million shares worth 13.98 trillion won ($9.54 billion), with losers beating winners 817 to 83. The index opened lower, tracking overnight losses on Wall Street, and extended losses further on heavy selling by institutions and offshore investors. Institutions and foreigners sold a net 676.82 billion won and 550.22 billion won worth of shares, respectively, while retail investors bought a net 1.24 trillion won. "Institutions are generally reducing their exposure to AI-related stocks, including Nvidia, according to recent data, which is increasing uncertainty around the sec

Nov 18, 2025By Yonhap
Seoul shares plummet on tech losses, won weakens against dollar
Economy

Korea's digital financial literacy far lower than OECD target: survey

Koreans' understanding of digital financial services is far lower than the minimal target set by the Organization for Economic Cooperation and Development (OECD), a survey showed Tuesday. Koreans scored an average 59.3 points out of 100 in terms of digital financial literacy, according to a survey conducted by the Korea Financial Consumers Protection Foundation (KFCPF) on 2,500 individuals aged 19 to 69. The score is over 10 points lower than the OECD's minimum target of 70 — the threshold separating those with a low understanding of digital services from those with a high understanding. The survey tested people's understanding of digital financial services and products, such as online banking and virtual assets, and their understanding of privacy and security standards. By age group, respondents in their 50s scored the highest, with an average of 60.9 points, followed by those in their 40s and 60s who on average scored 60.8 points and 60.5 points, respectively. Respondents aged 30 or less were the least educated, with their average score coming to 54.2 points, according to the survey. I

Nov 18, 2025By Yonhap
Korea's digital financial literacy far lower than OECD target: survey
Policy

Korean elite’s double standard in home ownership persists: surveys

Lawmakers and high-ranking bureaucrats in both central and municipal governments own multiple homes despite the deepening housing crisis, according to recent surveys. The findings reflect the persistent double standard of Korea’s elite, as tighter regulations make it hard for ordinary citizens to buy homes, while those in power remain largely unaffected. According to data from corporate tracker Leaders Index, Tuesday, 48.8 percent of 2,581 central and local government officials of Grade 4 or higher, along with their family members, own two or more homes, and 17.8 percent hold three or more. Central government officials held the highest average number of homes per person at 1.89, followed closely by municipal governors at 1.87. Local council members and officials at public institutions or government-funded think tanks held around 1.71 homes each, while members of the National Assembly owned an average of 1.41 homes. Among municipal governors, Cho Seong-myung, head of Seoul’s upscale Gangnam District, had the highest number of homes at 42. Rep. Park Min-kyu of the ruling Democratic Party

Nov 18, 2025By Yi Whan-woo
Korean elite’s double standard in home ownership persists: surveys
Economy

Foreign spending in Gyeongju triples during APEC summit week

Foreign visitor spending in Gyeongju, North Gyeongsang Province, grew more than threefold during the week of the Asia-Pacific Economic Cooperation (APEC) summit, compared with the same period last year, data showed Tuesday. The increase shows the high-profile diplomatic event led to greater economic activity in the southeastern part of the country, where the culturally rich city expected a boost in tourism demand from inbound travelers. According to data by Hana Card, foreign credit and debit card spending in Gyeongju exceeded 3.2 billion won ($2.1 million) between Oct. 27 and Nov. 2. That was up 210 percent from the same period a year earlier when the figure came to 1.04 billion won. The number of transactions stood at 41,322, more than doubling from 20,069 the previous year. At the top of the shopping list were beauty products, bolstered by a strong demand for K-beauty, defined by an emphasis on healthy skin care. Purchases totaled 102 million won, more than quadrupling last year’s 25 million won. Hotel and amenities spending surpassed 1.7 billion won, triple last year’s 537 million

Nov 18, 2025By Lee Kyung-min
Foreign spending in Gyeongju triples during APEC summit week
Cryptocurrency

After 3 delays, Korea still unprepared for 2027 crypto tax rollout

Korea plans to begin taxing virtual assets in January 2027, but the government has yet to establish the infrastructure or release detailed guidelines, industry officials said Tuesday. That leaves the country lagging behind regional peers, which are rapidly integrating digital assets into mainstream regulatory frameworks. Japan offers the most recent example. Its Financial Services Agency is pushing to classify 105 cryptocurrencies traded on domestic exchanges as financial products, Asahi Shimbun reported on Monday. Profits from these assets are expected to be taxed at roughly 20 percent — the same rate applied to stocks and investment funds. Korea has adopted a similar framework, planning to tax virtual asset gains as other income at a 22 percent separate rate for individuals earning over 2.5 million won ($1,705) annually from trading. Although the law passed in 2020, implementation has been delayed three times — most recently from 2025 to 2027 — due to investor opposition and technical hurdles. "Postponing taxation three times is an unprecedented move rarely seen among major global

Nov 18, 2025By Lee Yeon-woo
After 3 delays, Korea still unprepared for 2027 crypto tax rollout
Economy

Tariff deal with US 'significantly' reduces economic uncertainty for Korea: BOK chief

The recent tariff agreement with the United States has substantially reduced economic uncertainty for Korea, though the country is expected to face a greater tariff impact on exports in the second half, the chief of the Korean central bank has said. "We believe that the trade deal between Korea and the United States has significantly reduced uncertainties," Bank of Korea (BOK) Gov. Rhee Chang-yong told the BBC in an interview aired Tuesday. "It would be very positive if we could develop joint ventures that combine the U.S.' strengths in basic science with Korea's strengths in manufacturing and applied technologies," he added. After monthslong negotiations over the Donald Trump administration's aggressive tariff policies, Seoul and Washington finalized a deal and released a joint fact sheet last week outlining Korea's $350 billion investment plans in the U.S., in exchange for a reduction of U.S. tariffs from 25 percent to 15 percent. Exports remained solid in the first half of this year thanks to proactive responses by Korean companies, but a more significant impact is expected in the sec

Nov 18, 2025By Yonhap
Tariff deal with US 'significantly' reduces economic uncertainty for Korea: BOK chief
Economy

BOK chief urges strengthening of supply chains, expanded workforce for renewable energy sector

The head of the central bank on Tuesday called for efforts to restructure the economy by building essential supply chains, and fostering specialized companies and skilled workers in the renewable energy industry, which in turn would create jobs and stimulate investment. Bank of Korea (BOK) Gov. Rhee Chang-yong made the remarks during a symposium on the regional economy held on the southern island of Jeju, which focused on economic development strategies through a transition to new renewable energy sources. "In order for the expansion of renewable energy to translate into new industries, jobs and investment, we need to restructure the economy by establishing supply chains that consider related industries and by nurturing specialized companies and skilled personnel," Rhee said in his speech. Pointing to the intermittency of renewable energy as a major challenge, Rhee stressed the need to draw up innovative solutions that leverage energy storage systems (ESS), alongside demand-side resources, such as electric vehicles, and heating and cooling systems. "While delays in the low-carbon transit

Nov 18, 2025By Yonhap
BOK chief urges strengthening of supply chains, expanded workforce for renewable energy sector
Economy

Korea posts 2nd-slowest wage job growth in Q2 on construction sector, youth employment decline

Korea recorded its second-slowest wage job growth in the second quarter, primarily due to a slump in the construction sector and a continued decline in youth employment, government data showed Tuesday. The number of wage employee positions stood at 20.95 million as of May 2025, up 111,000 from the same period a year earlier, according to the data from the Ministry of Data and Statistics. It marked the second smallest quarterly gain since the first quarter of this year when only 15,000 positions were added. "Although there has been some recovery in the health and social welfare sector, the employment contraction seen in the first quarter continued," a ministry official said. The increase in wage jobs during the second quarter was mainly driven by employment growth in the health and social welfare sector, which added 134,000 positions compared to a year earlier. In contrast, the manufacturing industry lost 13,000 positions, continuing a downward trend, while the construction sector shed 141,000 jobs, remaining in negative terrain for seven consecutive quarters, according to the ministry. A s

Nov 18, 2025By Yonhap
Korea posts 2nd-slowest wage job growth in Q2 on construction sector, youth employment decline
Economy

Household credit hits fresh high in Q3 on rising mortgages

Korea's household credit reached a record high in the third quarter, though its growth slowed due to tighter lending regulations, central bank data showed Tuesday. Outstanding household credit had stood at 1,968.3 trillion won ($1.34 trillion) as of end-September, up 14.9 trillion won from three months earlier, according to the preliminary data from the Bank of Korea (BOK). The reading marks the highest since the BOK began compiling relevant data in 2002. It also marks the sixth consecutive quarterly increase, though the growth slowed sharply from a 25.1 trillion-won rise in the second quarter. Household credit refers to credit purchases and loans given to households by financial institutions. In detail, household loans stood at 1,845 trillion won at the end of September, up 12 trillion won from three months earlier. Of the total, mortgage lending rose 11.6 trillion won to 1,159.6 trillion won, slowing from a 14.4 trillion-won increase in the previous quarter. Credit purchases climbed 3 trillion won on-quarter to 123.3 trillion won, accelerating from a 1.5 trillion won rise in the second q

Nov 18, 2025By Yonhap
Household credit hits fresh high in Q3 on rising mortgages
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