South Korea's financial regulator chief said the government is considering shutting down all local virtual currency exchanges in a national policy committee meeting on Thursday, Reuters has reported.

Bitcoin has halved in value from over $20,000 to under $10,000. However, there are many South Koreans who are opposed to such a move and have rallied against the same.

Late on Wednesday as much as $100 billion in value was wiped off from the various virtual currency market following the possibility of the ban. China has already come down heavily on crypto curencies.

Many analysts are now said that there could be a further downside risk for Bitcoins and similar instruments. Analysts at Citigroup see a further crash to $5600 or thereabouts for bitcoins.

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