A crypto hub: an answer to Busan aging population dilemma?

[Majestic-milf]

 Known for its instability in price, as it's always prone to volatility, yet this feature won't stop South Korea's second largest metropolis from believing strongly on the power digital currencies hold to solving a major problem, which for them is the issue of their aging population.
  Busan, South Korea's largest city with a population of over 3,472,000 people according to data gotten from  here   with people aged above 65yrs taking up 17.5% could have a negative impact on the economy. And data analysis shows that the number of aged citizens is expected to rise to 20.6 by 2025; Pushing the first major city into a super aged population.

 Busan is seeking to become a crypto hub as this could be a means to entice young minds into the city, ensuring to put in place publicly run exchange for digital assets, luring Blockchain firms and also soliciting investments from venture capital companies.
 Hong Kong also showed an interest in becoming a crypto hub but so far no development to that effect has taken place. Will Busan focus on crypto or will their interest move to AI instead?

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[Lucius]

I remember a documentary about South Korea that showed that many young people in that country really see cryptocurrencies as their only way out, considering that it is very difficult to succeed in a society that is extremely competitive when it comes to the labor market. There are even some crazy norms regarding appearance, so young people go for various aesthetic operations in order to get a job more easily.

This idea makes sense to me, because if the population is getting older, the only way to change that is to encourage demographic policy in the form of incentives for having children, but in Busan they obviously don't have time for that and are looking for "children" who are already grown up and can contribute to society. The only thing that is bad in this whole story is the fact that such crypto hubs attract various suspicious projects that result in a lot of nice promises, and end up with a lot of disappointment (for investors, of course).

I just hope they don't invite Mr. Kwon if he ever comes back from exile, because he's just bad for business.

[crwth]

Other approaches are suited to their aging population problem. Having a crypto hub would not be an immediate solution or a solution that significantly impacts their crisis.

Solutions like

• Incentivizing having family planning
• Creating new job opportunities (this is where cryptohub could flourish)
• Encourage immigrants and young workers to Busan
• Raising retirement age

Those things could help Busan with its problem. I think it's a great initiative.

[avikz]

Focusing only on crypto hub won't solve Busan's problem. Making it a crypto hub will surely make Busan a destination for young tech population. But focusing on other industries will seal the deal. Also as Crwth mentioned, providing financial incentives for the family planning related things will also have a long lasting effect.

The major reason why young people are afraid of having babies, is the financial burden that comes afterwards. If this can be bridged along with job security, could counter the issue in Busan.

[coupable]

I find it naive that officials or analysts are considering using crypto and encryption to bring in young people with the aim of saving the city from population aging. Does this seem reasonable at all?
The problem of population aging can be dealt with by other means, including the encouragement of childbearing and the relative abandonment of birth control policies. Of course, there are more effective methods that I am not an expert to mention or even care about.
South Korea is one of the most developed emerging economies, and the crypto field is able to open the door for more investments. But not the field of crypto alone, but all other technologies such as artificial intelligence and robots.

[Zlantann]

This idea is not a bad one at all considering the fact the youths are the major players in the crypto environment. The aging population is the effect of birth control policies that have even made the younger generation not interested in having children.

One of the easiest way of attracting youths to this area is through flexible immigration policies. Trying to attract only young South Koreans might not bring the expected result because they prefer living in Seoul which has better facilities than Busan. But opening doors to crypto experts from other parts of the world would help speedup the process of rejuvenating the population of Busan. Most youths from other countries would be very comfortable in Sasun because it definitely has better opportunities than their home country.

[Fivestar4everMVP]

Hong Kong also showed an interest in becoming a crypto hub but so far no development to that effect has taken place. Will Busan focus on crypto or will their interest move to AI instead?

Well, I don't know much about Ai and why it's been a trend this days, but from what I know currently, no city can go wrong with crypto, if Busan is going to turn their city into a crypto hub, they are gonna reap a lot of benefits from it.
Take for example, El Salvador and Central African Republic that made bitcoin a legal tender, this countries and doing well for themselves, crypto is a new innovation and I tell you that no city or business will go wrong by implementing crypto into their economy, as long as it's legal in that jurisdiction.

[stompix]

Busan is seeking to become a crypto hub as this could be a means to entice young minds into the city, ensuring to put in place publicly run exchange for digital assets, luring Blockchain firms and also soliciting investments from venture capital companies.

So your solution is to take your people from somewhere else so that other cities and the countryside suffers from the problem Busan was suffering prior.
This is not fixing something, this is just kicking the can, plus it's if those young newcomers will not start having kids you wouldn't have even patched this, in ten years wou;re going to have the same problem but with no more young population to attract from anywhere.

Take for example, El Salvador and Central African Republic that made bitcoin a legal tender, this countries and doing well for themselves,

Both countries have a negative net migration rate (more people leaving than coming), so, how can you call this doing well?

[Fortify]

Known for its instability in price, as it's always prone to volatility, yet this feature won't stop South Korea's second largest metropolis from believing strongly on the power digital currencies hold to solving a major problem, which for them is the issue of their aging population.
  Busan, South Korea's largest city with a population of over 3,472,000 people according to data gotten from  here   with people aged above 65yrs taking up 17.5% could have a negative impact on the economy. And data analysis shows that the number of aged citizens is expected to rise to 20.6 by 2025; Pushing the first major city into a super aged population.

 Busan is seeking to become a crypto hub as this could be a means to entice young minds into the city, ensuring to put in place publicly run exchange for digital assets, luring Blockchain firms and also soliciting investments from venture capital companies.
 Hong Kong also showed an interest in becoming a crypto hub but so far no development to that effect has taken place. Will Busan focus on crypto or will their interest move to AI instead?

It doesn't feel like people over 65 years at 17.5% is an unreasonable or especially high amount, that seems quite normal in fact. Not every city can be some variation of a tech hub and having an older work force makes them less suitable to draw in younger talent. There are likely better ideas out there, but then again they could really push the ability to work from home, so as long as the areas and housing properties are suitable for a young audience then it could draw them in. Low prices, availability, good connectivity and nearby attractions will be the main drivers for this connected audience. Hong Kong doesn't have a chance to be anything now it has returned to Chinese hands and all trust in it as a banking hub has evaporated now the CCCP are in charge.

[Fivestar4everMVP]

Busan is seeking to become a crypto hub as this could be a means to entice young minds into the city, ensuring to put in place publicly run exchange for digital assets, luring Blockchain firms and also soliciting investments from venture capital companies.

~Snip~

Take for example, El Salvador and Central African Republic that made bitcoin a legal tender, this countries and doing well for themselves,

Both countries have a negative net migration rate (more people leaving than coming), so, how can you call this doing well?

According to the last report I read about El Salvador, and which I also think some one made a post about here on this forum, I learnt that the country recently paid off a debt they owed for some years before the government of the country declared bitcoin as a legal tender, if you ask me, thats a good progress, for a small country as such to clear off their debt when other major cities are piling up on debt.

And beside, like I mentioned above, El Salvador is still a small country, that they have more people leaving the country than those coming in does not mean they are not doing well, I believe every country in the world have people moving out and some others coming in, its a normal according to how I see it .

[stompix]

According to the last report I read about El Salvador, and which I also think some one made a post about here on this forum, I learnt that the country recently paid off a debt they owed for some years before the government of the country declared bitcoin as a legal tender, if you ask me, thats a good progress, for a small country as such to clear off their debt when other major cities are piling up on debt.

There is also this post, made by me showing how the loan was paid. Basically by taking another two loans from different banks!

And beside, like I mentioned above, El Salvador is still a small country, that they have more people leaving the country than those coming in does not mean they are not doing well,

That's exactly what it means, people don't flee heaven unless they are chased from it, if more people leave a country that they come in it means simply that on average they don't find it a nice place to live there, and for sure not a nice place to grow your kids either.
Salvador -25k, United states +500k, Germany +300k  it's pretty obvious what people want and where they want to live.

[AmoreJaz]

According to the last report I read about El Salvador, and which I also think some one made a post about here on this forum, I learnt that the country recently paid off a debt they owed for some years before the government of the country declared bitcoin as a legal tender, if you ask me, thats a good progress, for a small country as such to clear off their debt when other major cities are piling up on debt.

There is also this post, made by me showing how the loan was paid. Basically by taking another two loans from different banks!

And beside, like I mentioned above, El Salvador is still a small country, that they have more people leaving the country than those coming in does not mean they are not doing well,

That's exactly what it means, people don't flee heaven unless they are chased from it, if more people leave a country that they come in it means simply that on average they don't find it a nice place to live there, and for sure not a nice place to grow your kids either.
Salvador -25k, United states +500k, Germany +300k  it's pretty obvious what people want and where they want to live.

people want greener pastures, where they can earn better income to provide for their family and at least live a better living conditions from where they come from. we can't blame those people for looking better alternatives. we don't know the actual reasons why people keep on leaving from el salvador, but the negative rating seems not good to their image.

[livingfree]

Even if Busan wants to focus in crypto but if their national government is like the one who keeps on tracking down projects and privacy coins, maybe we'll still see some shed of light from it.

There will always be the obstacle that a city or a location have to be overcome because it's not that easy to become a crypto hub if there are conflicts from its own country.

[Synchronice]

Known for its instability in price, as it's always prone to volatility, yet this feature won't stop South Korea's second largest metropolis from believing strongly on the power digital currencies hold to solving a major problem, which for them is the issue of their aging population.
  Busan, South Korea's largest city with a population of over 3,472,000 people according to data gotten from  here   with people aged above 65yrs taking up 17.5% could have a negative impact on the economy. And data analysis shows that the number of aged citizens is expected to rise to 20.6 by 2025; Pushing the first major city into a super aged population.

 Busan is seeking to become a crypto hub as this could be a means to entice young minds into the city, ensuring to put in place publicly run exchange for digital assets, luring Blockchain firms and also soliciting investments from venture capital companies.

It's very wrong when countries overprioritize capitals and ignore the rest of the cities and small towns. It will definitely be productive to make a crypto hub in another city to attract young people and make city stronger. Simultaneously, this hub shouldn't be locked inside the country, they should make international projects with English language as a default. But that's not the only solution. This fact just reminded me that Japan has aging population problem too. Asian countries make it hard for foreigners to settle in the country. Sometimes migration is a key to fight aging population too but I'm against migrating violent and unskilled people, they should simplify the process for good young people who are interested in their culture and would love to live and work in their country.

I remember a documentary about South Korea that showed that many young people in that country really see cryptocurrencies as their only way out

In what way did South Koreans think that cryptocurrencies are their only way out?

[AmoreJaz]

Even if Busan wants to focus in crypto but if their national government is like the one who keeps on tracking down projects and privacy coins, maybe we'll still see some shed of light from it.

There will always be the obstacle that a city or a location have to be overcome because it's not that easy to become a crypto hub if there are conflicts from its own country.

that is very right, it depends on how its people react on this kind of development. but definitely, there will be group of people or politicians who will be against with it. and sometimes this is a long process as the people who are in charge with this matter need also to have a full grasp of what they are getting into. otherwise, people will blame them if the outcome is not good for them.

[Majestic-milf]

I just hope they don't invite Mr. Kwon if he ever comes back from exile, because he's just bad for business.

 Hehehehe. I don't think I'd ever render such an advice to anyone after his trademark fail of the Terra USD project. But you'd never know, desperation could push even the most forward thinking to do the unthinkable. Especially now they are  in dire need of a solution to their problem, who knows, they could borrow some advice from him.

[Cryptomultiplier]

Anything that has to do with Korea in general has a ring of strictness tied to it. I have never been there but thank God for the power of media. The ageing population is their fault following their restrictions on child birth ratio.
The plan for crypto innovative adoption would help the masses if they intend to earn from either remote work or any service related to crypto which they do and moreso have enough jobs to offer foreigners who came for livelihood, trade, migration.
The AI initiative may pose a threat to take over most of the jobs humans do, thereby creating more unemployment and suffering. Although, it could be a leading effect on influx of students, professionals, tourists, who love everything about AI and want to either know more or invest in its advancement.
More crypto hubs are being developed around the world and statistically, countries who are open to crypto trade and have made it or in the process of making it a legal tender, is witnessing more tourism and investment.

[livingfree]

Even if Busan wants to focus in crypto but if their national government is like the one who keeps on tracking down projects and privacy coins, maybe we'll still see some shed of light from it.

There will always be the obstacle that a city or a location have to be overcome because it's not that easy to become a crypto hub if there are conflicts from its own country.

that is very right, it depends on how its people react on this kind of development. but definitely, there will be group of people or politicians who will be against with it. and sometimes this is a long process as the people who are in charge with this matter need also to have a full grasp of what they are getting into. otherwise, people will blame them if the outcome is not good for them.

There's no problem with their people but those that are in the government might really be the problem on this progress. We saw several news that they've been disliking and commanding exchanges to delist privacy coins.

Well, their citizens can't blame them as there's really nothing they can do with such progress if the national government dictates what they must do or sets some rules regarding the adoption of cryptocurrencies into their states or localities.

[Hydrogen]

  Busan, South Korea's largest city with a population of over 3,472,000 people according to data gotten from  here   with people aged above 65yrs taking up 17.5% could have a negative impact on the economy. And data analysis shows that the number of aged citizens is expected to rise to 20.6 by 2025; Pushing the first major city into a super aged population.

The statistic of americans who can afford to purchase university level education for their children has declined significantly in recent years. As has the number of americans who can afford healthcare expenses for their kids. Recent issues with americans not being vaccinated could trend with many americans not being able to monetarily afford to have their children immunized.

It could be safe to say that people of the world are struggling with similar issues involving the cost of having kids being greater than they can afford.

If economic issues relating to inflation, higher cost of fuel, food and living expenses continue. Then, it will naturally become more difficult for people of japan, south korea, the united states and other nations to be able to afford to have children.

The majority of these attempts at economic analysis cite a "lack of will" as a prime mover for dwindling populations. But in reality, it could be the economic and financial burden which is serving as the major deterrent.

[Lucius]

In what way did South Koreans think that cryptocurrencies are their only way out?

Maybe not everyone thinks like that, but I realized this after watching some documentaries that show all the challenges of a young man in that country on the way to independence and success in life. Cryptocurrencies are nothing but quick-rich schemes for most, and if you can achieve in a few months or maybe a few years what someone would have to work for for 30 or 40 years, then it is clear why some see it as their only way out. You can watch the documentary on this link, and the Vice Major of Busan also participates in it (note that the video is from 3 years ago).

Both countries have a negative net migration rate (more people leaving than coming), so, how can you call this doing well?

Some politicians will even consider negative migration as a solution, not a problem, as is the case with the country where I live. In 10 years, we lost about 430 000 people, most of whom went to Germany, but this at the same time resulted in a drastic drop in unemployment, which is now compensated by importing cheap labor from Nepal, India, Pakistan and similar countries in numbers that are now about 120 000 work permits for foreign workers issued annually. My Prime Minister and the government say that these are positive trends and they are ready to work to deliver at least 300 000 new workers to the Western EU in the next 10 years.