South Korea's overseas remittances through cryptocurrency exchanges have surged by 380% in three years, far exceeding the growth rate of banks According to SBS Biz, over the past three years, South Korea's overseas remittances through cryptocurrency exchanges have increased by 380%, while remittances through traditional banks have only grown by 20%. Last year, the total amount of foreign currency remittances from the five major banks in South Korea was 1590 trillion Korean won (approximately 1.22 trillion US dollars), an increase of 20% from 1318 trillion Korean won (approximately 1.01 trillion US dollars) in 2022. At the same time, according to data from the office of Congressman Kim Sang hoon, the remittance amount of the five major Korean won denominated cryptocurrency exchanges in South Korea during the same period jumped from 34.02 trillion Korean won (approximately $26.2 billion) to 163.55 trillion Korean won (approximately $125.8 billion), an increase of 380%. Professor Huang Xizhen from Dongguo University attributes the significant increase in encrypted remittances to lower transaction costs compared to banks.