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Bitcoin falls 9% after one of the world's biggest cryptocurrency markets readies a bill to ban trading
Saheli Roy Choudhury | @sahelirc
Published 39 Mins Ago Updated 1 Min Ago
CNBC.com
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading
Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies
South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.
That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.
According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.
"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, according to the ministry's press office.
Bitcoin tumbled nearly 9 percent following Park's remarks. At 11:50 a.m. HK/SIN, the cryptocurrency traded at $13,557 per token.
He added that he cannot disclose details about the proposed shutdown of virtual currency exchanges but will jointly work with the government task force.
That news comes after the country's largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.
