Bitcoin price (BTC) tumbles after South Korea crackdown on cryptocurrency

Following the news, Bitcoin's price dropped 11 percent from $15,489 to $13,800, according to Coinbase.

Minister Hong Nam-kisaid the government "can't let this abnormal situation of speculation go on any longer", speaking after a meeting of vice ministers from related ministries.

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 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".

Bitcoin price recently saw a major downturn after it skyrocketed to $19666 levels on December 17.

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South Korea had previously announced its plan to tax capital gains from cryptocurrency trading to tackle what it sees as the risk of excessive speculation.

South Korea will require real-name cryptocurrency transactions and impose a ban on the offering of virtual accounts by banks to crypto-exchanges, according to a statement from the Office for Government Policy Coordination.

As part of what appears to be a series of updates created to improve oversight of industry practices, the government will also seek to bar banks from issuing new virtual accounts to cryptocurrency exchanges. At the same time, the financial regulator banned the trade of bitcoin futures. Only those with verified accounts, confirming their age and residential status, will be permitted to trade digital currencies.

According to a report on Reuters, South Korean authorities are likely to introduce curbs on the trading of cryptocurrencies like bitcoin within the country - specifically anonymous trading.

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