BOA Report says Kimchi Premium Result of Capital Flow Control

Kimchi premium, the Bitcoin price difference between the international market and the South Korean market rose to $4,000 yesterday after a red crypto day. A recent Bank of America report suggests that the Bitcoin price premium in the Korean market is a result of capital flow control put by the government. At present, the purchases of foreign currency are capped at 50,000 annually per person, which might be another reason for investors to look for alternatives like Bitcoin. The report noted,