Prices of bitcoin and other digital currencies have skidded after South Korea's top financial policymaker said a crackdown on trading of crypto currencies was still possible.

Finance Minister Kim Dong-yeon said Tuesday in an interview with local radio station TBS that banning trading in digital currencies was "a live option." He said the decision was subject to a thorough government review.

Bitcoin was trading at $13,209.25, down 2.8 percent from the day before as of 7:13 a.m. GMT, according to Coindesk, after falling earlier by as much as 7 percent.

Last week, the justice minister's remark that the country will ban bitcoin and other digital currencies triggered big sell-offs and a public outcry. The presidential office then said that no final decision had been made.