Bitcoin cost latest: South Korea announces anathema on cryptocurrency trading, causing value to plummet

The cost of bitcoin forsaken neatly on Thursday after South Korea pronounced it designed to anathema trade in cryptocurrencies.

The pierce came after military and taxation authorities reportedly raided internal exchanges this week over purported tax evasion.

The digital currency fell more than 10 per cent from over $15,000 (£11,100) to around $13,300 in the early hours of Thursday morning UK time, before paring some of the losses.

South Korea has been one of the keenest adopters of bitcoin but the country’s probity minister, Park Sang-ki, pronounced in a press discussion on Thursday that the supervision had “great concerns” about digital currencies, Reuters reported.

The probity method is “basically scheming a check to anathema cryptocurrency trade through exchanges,” Mr Park said.

Legislation commanding a anathema will be theme to a infancy opinion of the 297-member National Assembly.

The news comes after the South Korean supervision criminialized cryptocurrency exchanges from opening new patron accounts in Dec as it attempted to rein in conjecture which has seen prices pitch extravagantly in new months.

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Politicians and executive bankers around the universe have warned that bitcoin and other digital currencies are intensely unsure investments that have the intensity to crash.

Until now, authorities have mostly stopped brief of approach intervention, but augmenting fears about scams, income laundering and hacks related to cryptocurrencies, could attract serve courtesy and meant more crackdowns in future. 

In December, the Bank of England set up a examine group to examine how digital currencies might impact the financial system, but approaching law in the UK appears unlikely. The BoE’s emissary administrator in assign of financial stability, Sir Jon Cunliffe, pronounced in November that bitcoin was not big enough to upset the tellurian economy, but that “investors need to do their homework”. 

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