South Korea might ban cryptocurrency trading, but nothing's finalized yet

News from South Korea is causing turmoil in the cryptocurrency market.
The country's Justice minister Park Sang-ki said the country is preparing a ban on cryptocurrency trading, Reuters reported Thursday.
The news likely caused a price correction of most major cryptocurrencies, including Bitcoin, which is down 2.27 percent in the last 24 hours, and Ethereum, which is down 9.77 percent according to CoinMarketCap.
“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park said at a news conference.