Bitcoin cost latest: Columbia announces ban on cryptocurrency buying and selling causing value to plummet

The cost of bitcoin dropped dramatically on Thursday after Columbia stated it planned to ban buying and selling in cryptocurrencies.

The move came after police and tax government bodies apparently raided local exchanges now over alleged tax evasion.

Digital currency fell greater than 10 percent from over $15,000 (£11,100) close to $13,300 in early hrs of Thursday morning United kingdom time, before paring a number of its losses.

Columbia continues to be among the keenest adopters of bitcoin however the country’s justice minister, Park Sang-ki, stated inside a press conference on Thursday the government had “great concerns” about digital currencies, Reuters reported.

The justice ministry is “basically preparing an invoice to ban cryptocurrency buying and selling through exchanges,” Mr Park stated.

Legislation imposing a ban is going to be susceptible to a big part election from the 297-member National Set up.

This news uses the South Korean government banned cryptocurrency exchanges from opening new customer accounts in December because it tried to control speculation that has seen prices swing extremely in recent several weeks.

Politicians and central bankers all over the world have cautioned that bitcoin along with other digital currencies are very dangerous investments that have the possibility to crash.

So far, government bodies have largely stopped lacking direct intervention, but growing fears about scams, money washing and hacks associated with cryptocurrencies, could attract further attention and mean more crackdowns later on. 

In December, the financial institution of England generate a research team to research how digital currencies might change up the economic climate, but imminent regulation within the United kingdom seems unlikely. The BoE’s deputy governor responsible for financial stability, Mister Jon Cunliffe, stated in November that bitcoin wasn’t large enough to unsettle the worldwide economy, however that “investors have to do their homework”. 

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