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South Korea plans to ban cryptocurrency trading, rattles market

Reuters  |  SEOUL 

By Cynthia Kim and Dahee KimSEOUL (Reuters) - South Korea's government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged tax evasion.The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year. Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the ...

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First Published: Thu, January 11 2018. 15:05 IST
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