More Korean Restrictions
Published: Friday, June 27, 2008 Online-Casinos.com
MORE KOREAN RESTRICTIONS
Online cash transactions to be limited
South Korean gamers face further restrictions on their disposable income following a proposal by Korean regulators to place limits on Internet cash transactions in an attempt to curb online gambling.
The Korea Times reports that players are already limited to only $290 a month, but players have found ways to circumvent these limitations. In future, those who make 'large' virtual cash transactions in order to gamble online could be fined up to $20 000 or imprisoned for up to two years under new laws planned by the Ministry of Culture, Sports and Tourism.
The new bill will go before lawmakers for approval this September (2008).
The newspaper claims that Korean lawmakers have turned their attention to online gambling after cracking down on video gambling arcades. Many internet cafes, or 'PC baangs' as they are known in Korea, have been converted into arcades that allow customers to win cash on virtual slot machine games.
There are 17 government-licensed casinos in Korea, but locals are permitted to use only one of them. The casinos generate approximately $500 million in income from over a million visitors to the country per year.
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