Bitcoin and other cryptocurrencies potentially present huge benefits for the 230 million expats living all over the world. Every year expats send around US$430 billion in international transactions. Using Bitcoin can make it extremely cheap and fast.
South Korea is one of the leaders in using cryptocurrency. With its well developed gaming industry where the virtual currency originates from, the country has taken extremely well to using Bitcoin. Therefore this year South Korea aims to regulate a virtual currency exchange to step up its game as a fintech hub.
The south Korean Won is the currency with the fifth-highest Bitcoin trading volume today. It is surpassing some larger financial centres such as the UK, Russia, and Indonesia. The country’s Bitcoin adoption is accelerating, and quite possible very soon it could outpace most other countries.
International Transactions in Bitcoin – Easy and Fast
The country’s first bitcoin exchange Korbit helps businesses send payments to any bank account in 30 countries globally using bitcoin.
However, Bitcoin has not yet taken off in Korea for day-to-day needs such as shopping or bill payments. The reason for this is that alternative methods of electronic payment are already widespread.
As far as international transactions are concerned, Bitcoin is becoming more and more popular. Expats can see the advantage of using bitcoin for international remittances and that has been a significant driver for the growth of cryptocurrency in Korea.
We see a lot of expat workers signing up to Korbit to take advantage of bitcoin for international transactions. They can be English teachers from developed countries such as the US, or migrant workers from developing countries such as the Philippines.
Tony Lyu, Korbit CEO
Bitcoin has already taken a significant market share for some remittance corridors originating from South Korea. It was estimated, for example, that 20% of Korea-to-Philippines remittance volume is settled in Bitcoin.
Read the full story in Bitcoin.com