South Korean officials plan to ban all domestic cryptocurrency exchanges

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South Korean officials announced today that they’re preparing a bill that will completely ban domestic cryptocurrency trading. In response to the news, the price of bitcoin in South Korea dropped by $2,000 this morning.

“There are great concerns regarding virtual currencies,” explained justice minister Park Sang-ki, at a news conference attended by Reuters. The move comes after the prices of bitcoin, Ethereum, and other top digital currencies were priced higher in South Korean exchanges compared to the rest of the world.

South Korea’s tough stance on cryptocurrency isn’t new. Last September, South Korea banned initial coin offerings, and then in December, the government proposed legislation that would limit how traditional banks would...

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