Bitcoin price (BTC/USD) falls as South Korea announces plans for new regulation

The measures, which are designed to curb speculation in cryptocurrency trading in the country, may include shutdown of virtual coin exchanges

Bitcoin price (BTC/USD) falls as South Korea announces plans for new regulation

The Bitcoin price (BTC/USD) has fallen below $15,000 following news that South Korea will be implementing new regulations on cryptocurrency trading that may include shutting down some cryptocurrency exchanges.

As reported by Reuters, the South Korean government today issued a statement, outlining measures it plans to implement in order to regulate speculation in cryptocurrency trading in the country. These measures will include a ban on opening anonymous cryptocurrency accounts and new legislation that will give regulators the ability to shut down digital currency exchanges if needed. The latter was recommended by the justice ministry, according to the statement.

“The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” the government said, as quoted by Reuters.

Cryptocurrency trading has become very popular in South Korea, as this year’s surge in prices has attracted many retail investors to the sector. Bitcoin and other virtual coins are often traded at a significant premium on South Korean exchanges, with Ripple (XRP) and IOTA (MIOTA) being two of the most recent examples of that trend.

According to data from cryptocurrency tracker Coinmarketcap, following the announcement, the Bitcoin price fell to an intraday low of $14,204.80, down from a Wednesday close of $15,838.50. The original cryptocurrency has recouped some of its losses in more recent trading.

As of 10:18 GMT, the Bitcoin price average stood at $14,662.10, according to Coinmarketcap. At the same time, the coin was being traded at $18,290 on South Korea’s largest exchange, Bithumb.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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