South Korean Regulator in Reverse

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Jung was behind Seoul's new laws to ban the use of anonymous crypto accounts and stop banks from offering settlements for unidentified crypto trades on exchanges.

Authorities sparked a crash in January when they announced a crackdown on cryptocurrency trading, even threatening to ban local exchanges.

South Korea was one of the first countries to decide to regulate cryptocurrencies.

Choe said that the government will now start to encourage transactions between banks and exchanges.

Bloomberg reports that South Korean regulators have signaled that they will actively back "normal" cryptocurrency trading. Officials later clarified an outright ban is only one of the steps being considered, and a final decision was yet to be made.

On the Luxembourg-based Bitstamp, bitcoin rose as high as $11,700 BTC=BTSP and was last at $11,511.

Earlier this year, Bitcoin investors pressed the panic button when the cryptocurrency saw as much as a 50 percent of the market lost amidst fears of growing regulations within the community.

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That marks a gain of nearly 100% since prices fell below $US6,000 on February 5, and markets had a boost in the wake of a blockbuster regulatory hearing in the US.

"The safest way to benefit from potential bitcoin price appreciation is to buy and hold for the long term; trying to time it might be too hard".

Other digital currencies showed mixed results, diverging from Bitcoin for now. Ethereum and ripple - the number 2 and 3 cryptocurrencies respectively - also rose, trading 1-2 percent higher.

However, those who have been investing in cryptocurrency for any period of time know that the Bitcoin price and value is incredibly volatile, and has seen massive spikes and drops over the course of its short life.

At a briefing last month, Mr Jung insisted that virtual currencies like bitcoin were not a form of legal currency and the government would 'strongly respond to excessive cryptocurrency speculation and illegal activity'.

Zaif did not give further details, or identify the cryptocurrency affected by the system error.

The incident comes after hackers stole $530 million in digital money from Coincheck last month, sparking checks by regulators of Japan's other exchange operators, including Tech Bureau.