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South Koreans Deposited 2.67 Tln Won In Crypto Exchanges Last Year: Report

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The amount of deposits made by South Koreans at cryptocurrency exchanges in 2017 was 64 times higher than in the previous year, according to Government data.

South Korean Sedaily reported that according to data obtained by the Financial Supervisory Service of the Korea Exchange Bank, deposits worth 2.67 trillion won were made at cryptocurrency exchanges as of December 12.

This is a 64-fold surge from 32.2 billion won deposited in 2016.

According to the news outlet, approximately 1.4 trillion won of the deposits went through state-owned banks, such as the Industrial Bank of Korea (IBK) and industrial banks.

743 billion were transacted in commercial banks.

Most major Korean cryptocurrency exchanges prefer commercial banks over state-owned banks.

Asian investors, especially the South Koreans, have played a critical role in boosting cryptocurrency's price.

Despite increased scrutiny and regulation, South Korea has emerged as one of the world's largest markets for bitcoin and etherium.

South Korean government last week announced that it would ban anonymous trading of virtual currencies and crack down on money laundering activities using them.

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