Will South Korea become the major bitcoin country?

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Throughout the last few years, bitcoins in Asia were automatically associated with China. At some point in time, the total amount of the BTC transactions that comes out from this country was so large that it nearly constituted 100% of the total bitcoin transactions. Well, it does seem that things are about to change as the largest Chinese bitcoin exchanges stopped accepting bitcoin withdrawals requests after their meeting with the People’s Bank of China representatives. Even though the Chinese may still contribute a lot towards the bitcoin’s volume, perhaps there is another country that is a likely candidate for becoming an Asian bitcoin leader in 2017. Yes, we are talking about South Korea. There are a few contributing factors towards such a conclusion, let’s approach each of them separately.

Bitcoin Gambling

In the modern times, a larger share of the total bitcoin transactions is considered to take part in the various gambling-related activities. When we are looking at South Korean laws, it becomes clear that the country has a very closed gambling industry, especially designed to limit their citizens from gambling.

According to the data from Netti-casino.biz, there are casinos in the hotels, those places do not welcome Korean nationals. On top of that, the casinos that allow Koreans to enter are located quite remotely and do not get much of an attention from the local residents. The offline gambling in Korea is strictly aimed at the foreigners and the online gambling does not exist as the industry.

The bitcoin is the most anonymous currency and it may certainly be the best tool for the Koreans to access the gambling sites without letting the authorities know.

Current Bitcoin Volumes

Do not think that South Korea is a small fish in the world of the bitcoin that is expected to grow. South Korea is big, already accounting for the 5th largest country in terms of the bitcoin trading volumes. It has overtaken such countries as Russia and the UK. And it does seem to be only the beginning. Korbit, the largest and the first bitcoin exchange in the country already accounts for over 30,000 active traders.

Legal Frameworks

South Korea is believed to be one of the most bitcoin-friendly countries in the world. The reasons for this are rather historic. Korea has been a leading country in gaming and eSports for years and, it has been adopting various virtual currencies even before the cryptocurrency times. Hence, the government and the banking institutions were always open minded about the bitcoins.

The final thought

Considering the current state of the bitcoin adoption in South Korea and the majority of the contributing factors towards its potential growth, it becomes clear that the volume of the bitcoin transactions that comes out of Korea will spike sharply in the next couple of years. Apart from that, it also seems likely that the Chinese traders might be moving their bitcoins in Korea too.

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