Bitcoin suffered an 11% decrease on Thursday after South Korea announced it is banning anonymous virtual accounts in cryptocurrency transactions. The South Korean government announced its plan to crack down on money laundering activities and financial fraud using digital currencies in a country that accounts for 20% of the world's Bitcoin transactions. The new legislation would allow regulators to halt virtual currency exchanges if necessary.
The new policy came two weeks after Seoul banned its financial companies from using virtual currencies.
Bitcoin was 9.21% lower against the dollar to sell for $13,959 at 9:21 am CET. Meanwhile, Bitcoin Cash lost 10.76% versus the greenback to go for $2,415 at 9:29 am CET.
