Korean Cryptocurrency and Online Casino Participation

Cryptocurrency prices continue to soar, and South Korea is one of the key markets.

Koreans have always liked to use innovative technologies, whether in games or daily social interactions. The South Korean parliament passed the legalization of cryptocurrency in March of last year. Their culture allows them to quickly accept the innovations and opportunities brought about by new technologies.

South Korea, where the gaming industry is booming, has always been familiar with electronic micropayment transactions. Although the international online gambling industry has always used PayPal, Neteller and other payment methods, due to the advantages of cryptocurrencies, many people in South Korea have long chosen to use electronic wallets and choose to deposit or withdraw in cryptocurrencies.

Online casinos that accept Bitcoin are now more popular. Players only need to pay via bank transfer or e-wallet at cryptocurrency exchanges such as Binance and Coinbase to obtain Bitcoin, which is very convenient.

Bitcoin transactions are highly private and do not need to pay high transaction fees, and casinos cannot freeze or levy taxes on the Bitcoin you won, and transactions can be processed almost instantly. Without your permission, no one can approach your cryptocurrency.

Online gambling is illegal in South Korea, but the advantages of cryptocurrency have caused many players to take risks. It also happened that Coinone, the third largest cryptocurrency exchange in South Korea, was prosecuted by South Korean police for illegal online gambling.