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Bitcoin plunges as South Korea plans trading ban

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Valuation dips 7 per cent today

Just as South Korea’s justice minister announced that a bill is being prepared to ban all cryptocurrency trading in the country, the valuation of Bitcoin fell about 7 per cent today to just under $13,800.

“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park Sang-ki said at a press conference.

Reports also suggest that several Seoul cryptocurrency exchanges have been raided this week in a probe into alleged tax evasion.

According to Reuters, the proposed ban on cryptocurrency trading was announced after “enough discussion” with other government agencies including the nation’s finance ministry and financial regulators.

Established in 2009 after the financial meltdown, Bitcoin is a digital currency that has no central bank or regulatory authority backing it up. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions.




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