Published: Thu, January 11, 2018
Economy | By Shawn Conner

Bitcoins Prices Fall 6% To Trade Near $13500. Five Things To Know

Bitcoins Prices Fall 6% To Trade Near $13500. Five Things To Know

South Korea's justice minister has announced legislation is in the works to ban cryptocurrency trading after police and tax authorities reportedly raided the country's biggest exchanges in a tax evasion probe.

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

Cryptocurrencies have been known to trade at significant premiums in South Korea, often times many magnitudes higher than on other exchanges, due to localized demand and strict national controls on capital movement. According to cryptocompare.com, almost 5 per cent of global Bitcoin trades are in Korean won.

Ripple meanwhile, which last week surpassed Ethereum and Litecoin as the most valuable cryptocurrency after Bitcoin, was down 13.85 per cent.

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Separately, one of Korea's biggest cryptocurrency exchanges, Bithumb, said it met briefly with tax officials on Wednesday.

The crackdowns in South Korea will have an impact on investor activity in cryptocurrencies, and the market knows it. Bitcoin fell more than 12% following his comments.

On Monday, the widely used research website Coinmarketcap removed average price data from three South Korean exchanges, Bithumb, Coinone and Korbit, where prices are typically 30 per cent higher on average.

Traders in Asia have a huge influence on crypto currency markets. The South Korean finance ministry has been working towards ways of taxing cryptocurrencies - the markets of which have become nearly as large as Korea's small-cap kosdaq index.

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A data adjustment by CoinMarketCap caused cryptocurrency prices to drop on Monday. That created confusion and triggered a broad selloff among investors.

The government is also seeking to strengthen requirements of local crypto exchanges to prevent money laundering, and toughen punishments for crimes related to virtual currency according to reports.

We were asked by the tax officials to disclose paperwork and things yesterday. The move comes as the authorities around the world are struggling to regulate the virtual currencies amid the hype.

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