South Korea is reportedly preparing a bill to ban all cryptocurrency trading in the country. More than 10% of ethereum's trading volume is against the Korean Won. The bill would require a mjority vote of the 297 members of its National Assembly to pass - a process that could take months, if not years.
South Korea's justice minister said that the country is preparing a bill that will ban all cryptocurrency trading Park Sang-ki told reporters that there are "great concerns" regarding virtual currencies Bitcoin tumbled more than 12 percent following Park's remarks before recovering. Ethereum tanked on the news and is still down 7.6 percent on the Coinbase exchange. South Korea's justice minister said on Thursday that a bill is being prepared to ban all cryptocurrency trading in the country. That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.