The South Korean government is serious about stopping out Bitcoin
Bitcoin PLUMMETS as police raid major cryptocurrency exchanges
BITCOIN has plummeted 14 per cent in value after South Korean police raided major cryptocurrency exchanges
The crackdown on Seoul-based operators of some of the world?s busiest virtual currency exchanges comes as the government attempts to calm frenzied demand for cryptocurrency trading in Asia?s fourth-largest economy.
Justice Minister Park Sang-ki said in a press conference: "There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.?
The Government said in December it would apply more scrutiny to the exchanges, including attempts to stop anonymous trading.
Bithumb, the second largest virtual currency operator in South Korea, was also raided by the tax authorities on Wednesday.
An official at Bithumb said, requesting anonymity, said: ?We were asked by the tax officials to disclose paperwork and things yesterday.?