"Kimchi Premium" the price of bitcoin back to rise in South Korea
The so-called “Kimchi premium”, a phenomenon in which the price of bitcoin (BTC) becomes significantly higher at crypto brokers in South Korea compared to the rest of the world, has reoccurred today after it disappeared earlier this month. .
According to data from TradingView, the price of bitcoin at the large Korean brokerage Bithumb was trading between 4% and 8% more expensive than at other brokerages.
It's hard to say what's behind this trend. However, according to a local media statement, the Democratic Party of South Korea plans to defer any taxes on cryptocurrencies for at least a year.
In early April, the premium, which had returned in March for the first time since January 2018, disappeared again after South Korean officials promised aggressive action to intervene in crypto markets.
At the same time, according to another local statement, Joo Ho-Young, who heads the People's Power Party, called for tighter oversight and a task force on digital currencies.