Domain name rush causes first balance of payments crisis
OK, so we are exaggerating a little
A leading Korean newspaper is blaming massive dollar outflows in Korea on 'cybersquatters'
Korea is the world's second biggest buyers of .com addresses (behind the US), with one million URLs owned by Korean speculators, The Korea Times reports.
It describes the domain name registration rush in Korea as "feverish cybersquatting", which seems a bit harsh.
Domain name registration through NSI is costing Korea US$35m annually. By switching from NSI to ICAN, Korean domain name resellers can save $28.75 million in annual maintenance fees, The Korea Times says.