Under the measure, only real-name bank accounts and matching accounts at virtual currency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned, Hong said. Perhaps in response to the news, the cryptocurrency markets fell overnight, with Bitcoin slumping 10%.
Following this news, the Bitcoin price has plunged by more than 11% in the past 24 hours and is now trading at $14375.70, according to CoinMarketCap.
The South Korean government is planning to implement restrictive laws that will reportedly include a ban on opening anonymous cryptocurrency accounts to crackdown on money laundering and financial fraud.
Bitcoin climbed as much as 8.3% in Asian trading, before dropping back to trade 5.1% higher at $14 536 at 9.04am in London, composite Bloomberg pricing showed.
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Authorities have also pointed out premiums in prices of cryptocurrencies traded on South Korean exchanges compared to other global counterparts. Before this correction, Bitcoin had managed to recover from a major correction last Friday when the cryptocurrency corrected to more than 40% going below $12000.
"Officials share the view that virtual currency trading is overheating irrationally. and we can no longer overlook this abnormal speculative situation", Hong Nam-ki, thw South Korean minister for government policy co-ordination said. I believe longer-term we go higher, but also recognize that short-term pullbacks are possible. While bitcoin's debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, so far trading volume has been limited.
He added Bitcoin's recent drop was largely expected, saying investors may see more and more volatility next year, given the lack of liquidity in the market.
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