The price of digital currencies bitcoin and other major crypto currencies moved higher on Thursday as fears of a ban rule will be reduced.
Bitcoin is trading at $ 11,320.00 at 16.55 GMT on the Bitfinex exchange.
Ethereum, the world's second largest crypto currency by market share, was last at $ 1,071 on Bitfinex.
Meanwhile, Ripple XRP coins are trading at $ 1.33 on the Poloniex exchange. The crypto currency came under renewed selling pressure earlier this week after South Korean regulators said that the government would ban the use of anonymous bank accounts in crypto trading from 30 January.
The South Korean government is examining several options to crack down on crypto money trading, including the shutdown of crypto currency exchanges and closures that illegally take action. The trading of crypto currencies in South Korea is highly speculative and digital currencies are often traded at a premium price, which means their prices are much higher in Korean state exchanges than anywhere else in the world.
This country is one of the largest markets for major coins such as bitcoin and ethereum.
A senior Bank of Japan official said on Thursday that implementing global rules & cross-border regulations on crypto trading is not easy to do.
Hiromi Yamaoka, head of Japan's central bank division, expressed a payment and settlement system, that Tokyo wants to ensure its adopted regulations will not hinder innovation.
"There is undoubtedly an increased interest among global policymakers about how to deal with crypto in Iraq," he said. "The Japanese approach is to think about how to limit excesses without curbing innovation."
Meanwhile, Reuters reported that the Russian Finance Ministry said on Thursday that it is working on a law that will regulate money transactions without strictly prohibiting, although not allowing digital currency to be used as a means of payment in Russia.