South Korea plans to ban Bitcoin trading

South Korea plans to ban Bitcoin trading

The South Korean government on Thursday said it is preparing a bill to ban cryptocurrency trading through its domestic exchanges.

The local price of bitcoin dropped as much as 21 per cent in midday trade following the announcement. 

Bitcoin was down more than 10 per cent on the Luxembourg-based Bitstamp at $13,199, after earlier dropping to its weakest $13,120 on January 2.

Earlier this week, several Seoul cryptocurrency exchanges were raided in a probe into alleged tax evasion.

The clampdown comes as policymakers around the world struggle to regulate Bitcoin trading.

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