Hackers have stolen millions, lawmakers are urging them to be taxed, while financial officers cryptocurrencies are calling them "Ponzi Scheme," but this has not cooled Korean youth to invest in Bitcoin and other cryptocurrencies.

Days ago at Sungkyunkwan University in Seoul, a group of students gathered to exchange investment advice on so-called cryptocurrencies, which spurred stories about fantastic profits.

"I do not want to be a math teacher. I've been studying this industry for more than 10 hours a day over the last few months and I was very confident that this is my future, "said 23-year-old Eoh Kyong-hoon, who founded the Cryptocurrency club.

Partly driven by a bleak economic outlook - including an unemployment rate almost three times the national average - young South Korean people are sailing in virtual coins, despite the dangers and warnings by officials, analysts say.

There are also increased concerns about the security and theft of cryptowns by hackers. A stock exchange swap was recently closed in South Korea and filed for bankruptcy.

"Young people and students are rushing into trading in crypts to earn big profits over a short period of time. It is time for the government to take action as it can lead to serious pathological phenomena that can not then be controlled, "said Prime Minister Lee Nakyon.

Eo said the debate on more regulation had not faded his plans, especially since he won 20 times more than during the past six months.

"Since young people are more friendly to mobile technology, they can make more different investments as long as they are able to discriminate against pebbles," said Kim Jin-hwa, one of the leaders of the Korean Blockchain Industry Association .

Club members say they help each other to make important decisions together, and share information as a key to navigating the volatile markets of cryptocurrencies.

"I did not know anything about the currency crises or about the economy. Everyone here has taught me. Maybe I can have two jobs, one as sneakers and the other as an investor, "said Lee Ji-Woo.

South Korea's job competition is likely to help stimulate interest in cryptocurrencies, especially when they see others reaping huge profits, said Shin Dong-hwa, head of "Exchange" in South Korea.

"Every time we look at social networks we see that so many young people's examples of how to earn large sums of money from cryptocurrencies," he said.

But some in South Korean financial institution say these hopes may be unfounded.

Kim Yong-beom, vice president of the Financial Services Commission, said the price rise was because each investor waited for the next buyer down the line to win more.

"This really is a Ponzi scheme," he said.

Others say students look more focused on ways to get richer faster than on the core digital financial or technological values.

"There is no way to measure their true value, but students are just going to have the chance to win a lot in a short time," said Yun Chang-hyun, economics professor at Seoul University.

Cryptocurrency members, however, say they have founded the club due to the lack of classrooms devoted to cryptos and see their efforts as a way to move beyond investment speculation.

 

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