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Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies bill to ban trading


Added 01-11-18 12:02:01am EST - “South Korea's justice minister said a bill is being prepared to ban all cryptocurrency trading, Reuters reported Thursday, citing Yonhap.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Bitcoin falls 12% as one of the world's biggest cryptocurrency markets readies bill to ban trading”. Below is an excerpt from the article.

South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country.

That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.

According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.

"There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Park Sang-ki said at a press conference, according to the ministry's press office.

Bitcoin tumbled more than 12 percent following Park's remarks, according to CoinDesk's bitcoin price index that tracks prices from four exchanges. At 12:35 p.m. HK/SIN, the cryptocurrency traded at $13,042.79 per token.

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