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Bitcoin Plunges as South Korea Crafts Cryptocurrency Crackdown

A top official from South Korea said the government is preparing a bill to ban the trading of cryptocurrencies on exchanges, stepping up its efforts to curb speculation.

The remarks from Minister of Justice Park Sang-ki came just days after the country’s financial regulator started inspecting some of South Korea’s largest financial institutions that help facilitate digital-currency trading. Bitcoin prices tumbled Thursday, falling more sharply on Korean exchanges than other trading venues.

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