Korea is preparing to shut down cryptocurrency exchanges in the country, its justice minister warned Thursday, sending prices of bitcoin and other virtual units into a tailspin. A series of measures have failed to curb overheated virtual currency speculation in the country and Justice Minister Park Sang-Ki said it would be “devastating if the bubble bursts”.
“The ministry is preparing legislation that basically bans any transactions based on a virtual currency through the trading floor,” he told journalists. Authorities had “grave concerns” over the craze and were “aiming to close virtual currency exchanges” in the country, he said. “It has started to resemble gambling and speculation,” Park added. The hyper-wired South has emerged as a hotbed for cryptocurrency trading.—AFP