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South Korea might ban cryptocurrency trading

South Korea might ban cryptocurrency trading
[Photo: Flickr user Marco Verch]

And what one country does, others usually follow. Or at least that seemed to be the fear on the cryptocurrency markets today. After the news of a potential South Korean cryptocurrency trading ban hit, $100 billion was wiped off the global cryptocurrency market, CNBC reports. On Thursday South Korean Justice Minister Park Sang-ki said that the ministry is “basically preparing a bill to ban cryptocurrency trading through exchanges”–a shocker considering South Korea is one of the world’s major cryptocurrency trading markets. Maybe Warren Buffett is right to be bearish on cryptocurrencies.

Correction: An earlier version of this article stated that $100 million in value was wiped out. It was $100 billion.

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