Authorities had “grave concerns” over the craze and were “aiming to close virtual currency exchanges” in the country, he said. “It has started to resemble gambling and speculation,” Park added, citing the fact that bitcoin prices are higher in South Korea than globally — the so-called “kimchi premium”. A series of measures have failed to curb overheated virtual currency speculation in the country and Park said it would be “devastating if the bubble bursts”. His remarks sent bitcoin prices plunging 18 percent on South Korean exchange Bithumb, while ethereum slumped 23 percent. – ‘Blind speculation’ –A representative of Bithumb, one of around 20 virtual currency exchanges in South Korea, said the company was watching developments closely.

Source: The Guardian January 11, 2018 09:45 UTC