In the early hours of Thursday the price of bitcoin dropped harshly soon after South Korea stated its plans to ban trading in cryptocurrencies. South Korea was one of the keenest adopters of bitcoin currency, however, their change of heart came after police and tax authorities rumouredly raided local exchanges this week over alleged tax evasion consequently causing the digital currency to fall more than 10 percent – from over $15,000 to approximately $13,300.
The country’s justice minister, Park Sang-ki, said in a press conference on the same day as the plummet in value that the government had “great concerns” about digital currencies as a whole. Further adding that the country is “basically preparing a bill to ban cryptocurrency trading through exchanges.”
