South Korea plans to ban Bitcoin and other cryptocurrency trading.
On Thursday South Korea’s justice minister said that a bill is being prepared to ban all cryptocurrency trading in the country.
Meanwhile, several Seoul cryptocurrency exchanges have been raided this week in a probe into alleged tax evasion.
Bitcoin fell about 7% to just under $13,800 on Thursday, although that decline may not be directly related to the South Korean decision.
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.
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.That news from the justice minister 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.