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Bitcoin slid as much as 14 per cent on Thursday after South Korea’s justice minister said the government was working on a bill to ban cryptocurrency trading amid a clampdown on virtual currencies in one of the world’s most exuberant markets.

The price of the cryptocurrency tumbled below $13,000 after justice minister Park Sang-ki said there are “great concerns regarding virtual currencies” and that his ministry was preparing a bill to ban trading on exchanges.

Bitcoin fell as much as 14 per cent to a low of $12,800 on the Bitstamp exchange in afternoon trading in Asia following the comments, according to Reuters data.


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