Prices of Virtual Currencies Higher in Korea than Abroad

It has been found that the current prices of virtual currencies are much higher in virtual currency exchanges located in South Korea than in those located abroad. This means virtual currency prices, which are volatile in nature, are even more volatile in South Korea and the virtual currency market in the country is particularly speculative.

In this context, some virtual currency investors are attempting to take profits by taking advantage of the difference in price. This is carried out by, for example, purchasing bitcoins abroad and then selling them in South Korea within seconds.

Some virtual currency communities provide information about specific overseas exchanges and methods for those who wish to buy bitcoins by credit card so that they can take advantage of the price gap without having to remit their money abroad. The price gap recently reached 400,000 won or so per bitcoin, adding fuel to such speculative attempts.

Under the circumstances, some experts point out that this will disappear with time because the prices are likely to be standardized as an increasing number of people buy and sell virtual currencies. The others, however, are saying the opposite in that there are rumors about the development of automated trading programs to that end.