Bitcoin-crazy South Korea may face a ban on cryptocurrency trading

Bitcoin trading could soon be outlawed in one of the virtual currency's biggest markets.The South Korean gover...

Posted: Jan 11, 2018 1:04 PM
Updated: Jan 11, 2018 1:04 PM

Bitcoin trading could soon be outlawed in one of the virtual currency's biggest markets.

The South Korean government is preparing a bill to ban trading in all cryptocurrencies including bitcoin, Justice Minister Park Sang-ki said Thursday.

"There are great concerns regarding virtual money," Park told reporters in Seoul. "The government has repeatedly warned about the fact that it is a very dangerous transaction but the message has not properly been delivered," he said.

Park didn't give details on when the bill would be introduced in parliament. But his comments prompted bitcoin to fall sharply. The digital currency, which is known for its volatility, dropped around 14% before recovering slightly in early afternoon trading in Asia.

Related: South Korea is going bitcoin crazy

Ethereum, another cryptocurrency hugely popular in South Korea, also fell 14%.

A frenzy of cryptocurrency trading swept South Korea last year, helping propel huge gains in bitcoin and other virtual coins.

But the country's government has been moving toward greater regulation of digital currencies in recent weeks, introducing a new law in late December that gives authorities the power to shut down bitcoin exchanges.

Such moves remain a possibility, Park said, before likening cryptocurrency trading to speculation and gambling.

"The government's basic position is that virtual currency trading is extremely dangerous and the bubble may burst anytime," he said.

-- Taehoon Lee contributed to this report

New York Coronavirus Cases

County data is updated nightly.

Confirmed Cases: 505431

Reported Deaths: 33506
CountyConfirmedDeaths
Queens772137294
Kings757797400
Bronx556614992
Nassau500072208
Suffolk493002019
Westchester406811470
New York364003198
Rockland18110684
Richmond174571095
Orange13743507
Erie13262717
Monroe7493300
Onondaga5603212
Dutchess5525165
Albany3705140
Broome366298
Oneida2784129
Ulster253895
Niagara2108102
Putnam183363
Sullivan180048
Chemung17973
Schenectady159150
Saratoga138317
Rensselaer111142
Steuben104157
Chautauqua97614
Columbia72338
Ontario69735
Tioga67230
Oswego6394
Tompkins6390
Madison57717
Cortland5670
Wayne5305
Cattaraugus52718
Greene51018
Warren46133
Cayuga4292
Chenango4137
Orleans41354
Otsego4105
St. Lawrence4094
Genesee4065
Herkimer39410
Fulton36524
Washington34014
Allegany3368
Livingston3278
Montgomery2724
Clinton2555
Jefferson2140
Essex1990
Wyoming1965
Delaware1817
Seneca1483
Lewis1390
Schuyler1390
Yates1287
Schoharie1130
Franklin820
Hamilton180
Unassigned017
Utica
Clear
32° wxIcon
Hi: 45° Lo: 29°
Feels Like: 27°
Oneonta
Clear
34° wxIcon
Hi: 43° Lo: 31°
Feels Like: 26°
Herkimer
Clear
32° wxIcon
Hi: 45° Lo: 30°
Feels Like: 27°
Thendara
Clear
32° wxIcon
Hi: 40° Lo: 29°
Feels Like: 27°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Click here to learn more about A Healthier Mohawk Valley
VOTE OCTOBER 22-30
Saluting Those Who Are Proud 2 Serve
WKTV Golf Card - Under 150 left