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South Korea plans to ban Bitcoin trading South Korea considers Bitcoin trading ban
(about 4 hours later)
South Korea is planning a law to ban cryptocurrencies such as Bitcoin being traded through its exchanges. South Korea is considering a law to ban cryptocurrencies such as Bitcoin being traded on local exchanges.
The justice minister said virtual currencies were causing the government "great concern". Justice Minister Park Sang-ki said virtual currencies were "great concerns" and that the ministry was preparing a bill to ban trading.
Meanwhile, several Seoul cryptocurrency exchanges have been raided this week in a probe into alleged tax evasion. However, South Korea's presidential office said later that a ban had not yet been finalised and was one measure being considered.
Bitcoin fell about 7% to just under $13,800 on Thursday, although that decline may not be directly related to the South Korean decision. 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.
South Korea has become a hotbed for cryptocurrency trading, accounting for about 20% of global Bitcoin transactions.
It has more than a dozen cryptocurrency exchanges, according to the Korea Blockchain Industry Association.
Several were raided this week in a probe into alleged tax evasion, including the country's second-largest virtual currency operator, Bithumb.
The government had already said in December that it would apply more scrutiny to the exchanges, including moves to curb anonymous trading.
Given the low levels of trading and relatively small number of people holding virtual currencies, wild price swings have become the norm, leading to an argument that paying too much attention to price rises and falls is futile.Given the low levels of trading and relatively small number of people holding virtual currencies, wild price swings have become the norm, leading to an argument that paying too much attention to price rises and falls is futile.
Scrutiny
Digital currencies such as Bitcoin have surged in value over the past year - driving a huge demand. That has led to concerns about gambling addiction as inexperienced investors try to ride the wave.Digital currencies such as Bitcoin have surged in value over the past year - driving a huge demand. That has led to concerns about gambling addiction as inexperienced investors try to ride the wave.
"There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," said South Korean justice minister Park Sang-ki.
It is understood the department is preparing legislation that would allow the exchanges to be shut down.
The crackdown in South Korea by authorities included a raid on the country's second-largest virtual currency operator, Bithumb.
"We were asked by the tax officials to disclose paperwork and things yesterday," an unnamed official told Reuters.
The government had already said in December that it would apply more scrutiny to the exchanges, including moves to curb anonymous trading.