Bitcoin lost 14 percent, hitting four-week low below $ 12,000 over the reports that South Korea intends to ban cryptocurrencies trading, Reuters reported. 

South Korean Finance Minister Kim Dong-yeon said that the government is considering a set of measures to limit the irrational cryptocurrency investments.

As reported earlier, Justice Minister Park Sang-ki’s said on Thursday the government is preparing a bill to ban the trade of crypto-currencies on domestic exchanges. Chief press secretary Yoon Young-chan explained on Friday that Justice Minister’s remarks over the shutdown of cryptocurrency exchanges is not a final decision.