Digital currency suffered huge declines this week, at one point dropping below $10,000 – half the amount it was worth a month ago
Bitcoin’s price tumbled this week, as it emerged that people could be banned from trading the cryptocurrency in various countries around the world.
South Korea was among the countries whose government has been signalling that it plans to crack down on cryptocurrency trading.
Earlier this week, the country’s justice minister, Park Sang-ki, said the government had “great concerns” about digital currencies and was “basically preparing a bill to ban cryptocurrency trading through exchanges”, amid fears it could make tax evasion easier.
Exactly how it will do this remains vague and this confusion has led to uncertainty and spread panic among some investors.