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Bitcoin price has plunged after plans were announced for cryptocurrencies to have tighter regulations in a number of countries. Bitcoin price decreased to $11,264.93 at 11:50 on Thursday, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000. Prime Minister Theresa May said cryptocurrencies like bitcoin should be looked at “very seriously” and has demanded tighter regulation. Speaking to Bloomberg she said: “We should be look at these very seriously - precisely because of the way they can be used, particularly by criminals.

Getty•Bloomberg Theresa May said there must be tighter regulation on cryptocurrencies like bitcoin

“So that is something that has been developing, obviously increasingly developing - I think it’s something we do need to look at.” South Korea announced plans to “legalise” cryptocurrency trading for registered real-name accounts only in a bid to tackle anonymity in trading. Real names will have to be used starting from January 30. Kim Yong-beom, the vice chairman of the Financial Services Commission, stated that the names on a virtual coin exchange wallet and bank account must be the same for a user to be able to make deposits.