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Bitcoin price reached $ 2,850 in Korea

Bitcoin price reached $ 2,850 in South Korea on May 23, due to accelerated demand from Bitcoin and other digital currencies such as Ethereum (ETH).

    Although arbitrage opportunities in Korea have always existed since the top three Bitcoins, Korin, Coinone and Coinhumb were established, the premium rate rarely exceeded 10%.

   On May 23, the premium rate for Korean Bitcoin transactions reached nearly 30%, resulting in a transaction value of US $ 2,850 for each Bitcoin, while Bitcoin is being traded in the United States. And China for about $ 2,100.

The reason for the big price gap and the premiums in Korea are the country's strict anti-money laundering policies. In Korea, any form of gambling is considered illegal and a large amount of black money including revenue from casinos overseas and other businesses are regularly sent to Korea. That is why the authorities have tightened all transactions in excess of $ 10,000.

  Therefore, even with a Korean bank account, it is difficult to take advantage of the arbitrage opportunities of the Korean Bitcoin exchange market and the large premium rates. If any business or individual selling Bitcoin valued above $ 10,000 is strictly regulated by law, Bitcoin transaction operators must contact the user for verification.

  Typically, strict AML and customer awareness policies (KYC) will restrict Bitcoin investors to OTC free markets such as LocalBitcoins who will experience peer-to-peer protocols on the Bitcoin trading platform. , In which buyers and sellers directly offer to buy or sell Bitcoin together.

  When the Chinese government suspected the revocation of Bitcoin local deals, LocalBitcoins China saw a sudden increase in weekly trading volume at that time. At the present time, Chinese regulators also apply strict KYC protocols and require Bitcoin traders to participate in face-to-face interviews and submit financial documents to track the origin of User funds.

In Korea, the implementation of strict AML and KYC systems has the opposite effect. Bitcoin's legalization of commerce and stringent regulations for Bitcoins have proved the market and Bitcoin business in Korea. As a result, demand for Bitcoin continues to increase despite the fact that Korea's transaction premiums are currently being seen by people on the exchanges of up to 30%.

  The Bitcoin exchange market of Korea is run by three powerful traders supported by several multibillion dollar corporations and financial institutions. Therefore, liquidity and options are limited. Due to the limited supply of Bitcoin and the increasing demand, Bitcoin is always trading at premium rates in Korea.
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Published by Peter Thomson