The move has widespread geo-political and geo-economic implications, including for its neighbor North Korea which is increasingly banking on such currencies to flush its economy with cash.

On Thursday, South Korea’s Justice Minister disclosed that it is preparing a law which will ban trading in cryptocurrencies in exchanges in the country.

“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” said Park Sang-ki at a press conference.

Park Sang-ki did not disclose additional details on the proposed shutdown.

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