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Seoul plans to ban cryptocurrency trading, rattles market

Clampdown in South Korea comes as policymakers worldwide struggle to regulate asset

Published Thu, Jan 11, 2018 · 09:50 PM
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Seoul

THE South Korean government on Thursday said it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged tax evasion.

The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year.

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