The transaction ban on crypto currencies as a result of South Korea's new regulations on crypto money markets caused a visible decline in the market, including Bitcoin and other crypto currencies.
After South Korea banned crypto-currency transactions, South Korean Economy Minister Kim Dong-yeon said in an interview with a local radio station that the ban on crypto-currency transactions was an "option in the hands of the people".
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After South Korea's announcement, Deputy Director of the Central Bank of China, Pan Gongsheng, said the government should continue the pressure on the cryptographic currencies and ban the centralized trade of virtual currencies, including Bitcoin, as well as those providing the services and businesses concerned.