11 Jan 2018
South Korea is considering a law to ban cryptocurrencies such as Bitcoin being traded on local exchanges.
Justice Minister Park Sang-ki said virtual currencies were “great concerns” and that the ministry was preparing a bill to ban trading.
However, South Korea’s presidential office said later that a ban had not yet been finalised and was one measure being considered.
The local Bitcoin price fell by a fifth after the justice minister’s comments.
In South Korea it trades at about a 30% premium compared with other countries.
There is no one fixed price for Bitcoin as it is not regulated and is traded on dozens of exchanges worldwide.
According to Coindesk.com, the price of Bitcoin was about 8% lower at just under $13,800 on Thursday afternoon.
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