Tightening of control over bitcoin is pushing it down 11%

The price of the digital currency bitcoin, on Thursday, fell by 11%, after South Korea announced a ban on anonymous transactions in digital currencies, and the tightness in combating the use of money laundering.

Investment in encrypted digital currencies has become commonplace in South Korea, with widespread use of technology.

The country's trade-offs represent about 20% of the world's trade, representing 10 times the weight of South Korea in the global economy.

The measures, announced by Seoul, according to Reuters, prohibit the opening of bank accounts in encrypted currencies, and enable the market regulator to ban some exchanges when needed.

"The authorities share the idea that virtual currency swaps are experiencing an out-of-the-box boom," the South Korean government said in a statement, noting that all anonymous accounts will close next month.

It also decided to tighten anti-money laundering and financial fraud, including currency manipulation, through the use of coded currencies.

Seoul's decisions led to a 11.6 percent drop in the price of Petrochemicals to $ 13827.
Seoul has recently banned its financial institutions from trading in digital currencies, specifically fortunes, at a time when the currency was at its highest level.

The prices of the world's twenty-five times this year, and almost exceeded the threshold of twenty thousand dollars, at the beginning of last week, after the beginning of 2017 at the level of nearly a thousand dollars.

Several warnings have been issued about the risk of the collapse of the bitcoin market. Japanese central bank governor Haruhiko Kuroda said last week that the price of the digital currency was "abnormal" and the central bank advised investors to "act very cautiously." The ECB Vice President expressed his concern about the continued rise in the value of KFH and the potential risks of this rise.

According to a report in The Guardian on December 9, the UK Treasury intends to pass legislation on the currency of bitcoin and other digital currencies, so that its procedures are in line with anti-terrorist and money laundering laws.

bitcoin, which began in 2009, is online without a regulatory framework, unlike the dollar or the euro. Digital currencies are not backed by a central bank or government, but are produced by computers that perform very complex calculations. Payments are made without intermediaries and do not require personal information.

Governments are also unable to obtain detailed information about the figures invested in the currency of their home or sisters, which have spread in recent years to reach more than 10 currencies.