Bitcoin tumbles as South Korea plans to ban cryptocurrency trading
Updated:7 years, 9 months ago
Seoul (South Korea), Jan 11 (ANI): South Korea on Thursday announced that it may ban cryptocurrency trading altogether bringing turmoil for the Bitcoin market. While lawmakers across the world are struggling with how to regulate bitcoin, Seoul is worried over its frenzied local popularity and has been opting to clamp down on trade. Bitcoin’s skyrocketing value drew students and housewives into investing last year. Now, the justice minister says a bill is in the works to put digital coins off-limits. The sheer volume of investors jumping into the market has created a hefty premium for cryptocurrencies in South Korea. But after the announcement on Thursday (January 11), the price of Bitcoin plummeted as much as 10 percent on the Bitstamp exchange.
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