Two Japanese people told customs officials that they traveled to South Korea to sell their holdings of the cryptocurrency bitcoin because they can sell it at a higher price here than in Japan, officials said Wednesday.

The two individuals, aged 25 and 33, gave the reason for their trip while being investigated at Incheon International Airport on Jan. 25, after being stopped for taking 38 1-kg gold bars, worth about 2 billion won ($1.87 million), with them on their way out of the country.

They were investigated on smuggling suspicions but released as no irregularities were found.

They told customs authorities that they purchased the gold bars with money made from selling their bitcoin holdings. They said they came to South Korea to sell the virtual currency because it sells at a higher price here than in Japan.

The two told authorities that they purchased the gold bars in cash at a local gold exchange and even applied for a VAT refund. They also told officials that they wanted to declare the gold bars with customs officials but couldn't find where to do so, according to officials. (Yonhap)