Crypto investment is being blamed for a spike in the number of South Korean people aged 20-39 declaring insolvency.
Per Maeil Shinmun, the Seoul Rehabilitation Court said:
The rise in [insolvency] seems to have been influenced by a growth in economic activities such as cryptocurrency and stock market investment among young people.
The court remarked that the problem was particularly pronounced in those under the age of 30.
The 20-39 age demographic is commonly referred to as 2030 in South Korea.
Under South Korean law, individuals can apply to the judiciary for personal rehabilitation status.
This is a legal system that allows individuals who cannot repay their debts to enjoy a stay of execution prior to b…
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