The daily business briefing: January 11, 2018

South Korea says it will ban cryptocurrency trading, ICE agents raid 7-Elevens across the U.S., and more

A 7-Eleven store in Florida
(Image credit: Joe Raedle/Getty Images)

1. South Korea announces plan to ban cryptocurrency trading

South Korea's government said Thursday that it plans to ban cryptocurrency trading, sparking a 21 percent plunge in local bitcoin prices. Bitcoin also fell by more than 10 percent on the Luxembourg-based Bitstamp exchange, to as low as $13,120, its lowest level since Jan. 2. "There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," Justice Minister Park Sang-ki said. South Korean authorities also raided local exchanges in a clampdown on alleged tax evasion. The country is a big source of demand for cryptocurrency, and its moves came as governments around the world rush to come up with ways to regulate digital currency as its value soars.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.