On Thursday, the cost of major cryptocurrencies, including Bitcoin, increased after lowering fears of tighter rules from regulators.
On the Bitfinex exchange, Bitcoin was traded at $11,320.
Ethereum – the second largest cryptocurrency by market capitalization was traded on Bitfinex at $1,071.
At the Poloinex exchange, Ripple was traded at $1.33.
Earlier this week, the crypto market fell under the wave of sell orders after the South Korean regulators said that since January 30, the government would prohibit the use of anonymous bank accounts when trading on the crypto exchanges.
The South Korean government is considering various options to tighten control over the trade in cryptocurrencies, including the complete closure of all crypto exchanges or only those that operate illegally.
Crypto trading in South Korea is extremely speculative, while the prices of digital coins on South Korean exchanges are often much higher than those in other countries. South Korea is one of the most important players in the market.
On Thursday, an official representative of the Bank of Japan said that the implementation of global regulation of trade in cryptocurrencies would become a challenging task.
Hiromi Yamaoka, head of the Payment and Settlement Systems Department at the Bank of Japan, said that Tokyo is committed to ensuring that any established trade rules do not become an obstacle to progress and innovation.
According to Hiromi Yamaoka: “Among the regulators around the world, there is a growing interest in how to regulate the cryptocurrency market. Japan's approach to solving this problem is to stop undesirable excesses and at the same time not to interfere with innovation.”
On Thursday, Reuters reported that the Russian Finance Minister came with updates on the drafting of a bill that would allow regulating the conduct of transactions using cryptocurrency, avoiding the complete ban on the crypto operations. However, at the same time, cryptocurrencies in Russia will not become a full-fledged means of payment.