Crypto News : South Korea Plan to Ban Cryptocurrencies

South Korea’s government said on Thursday it plans to ban cryptocurrency trading,as a result of it Bitcoin price got affected a lot , The South Korea's Justice minister said that the government is planning to pass a bill to ban trading of virtual currencies on local exchanges as there are great concerns regarding trading on cryptocurrencies .

Market reacted sharply on the news and bitcoin price went down since the news came in though passing this bill in south Korea may take months or even years , Thats is also after Once the bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take very long time, But as the news came in the local prices of Bitcoin BTC=BTSP was down more than 10 percent on the Luxembourg-based Bitstamp at $13,199, after earlier dropping as low as $13,120, its weakest since Jan. 2.

The news have definitely raised a bit of concern you can read full news here .

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