Bitcoin is more expensive in South Korea than overseas.

The Bitcoin price difference between Korea and overseas stood at $1,048 on July 1.

People called the difference the Kimchi premium, meaning that Koreans are more eager to buy the cryptocurrency than foreigners.

The Kimchi premium is the highest since February 24 last year when the premium was $28.57. The premium was the highest at $7,484 on January 8 last year.

The premium had nosedived after the government cracked down on the cryptocurrency trading, saying it is casino-like gambling.

The Kimchi premium was made through prices on South Korea’s Bithumb exchange and the U.S. Coinbase.