Sat, Mar 01, 2014 - Page 13 News List

Bitcoin exchange files for bankruptcy

TECH OR THEFT:Tokyo-based Mt. Gox sought court protection after a loss of US$425 million in bitcoins, which were either stolen or voided by the system

AP, TOKYO

Yang Weizhou, an analyst at Mizuho Securities Co in Tokyo, said laws to regulate virtual currencies may have to be created by countries, including Japan.

She said lawsuits from those who lost money were likely, and any court rulings would chart unexplored territory and help define the reach of virtual money.

The trend toward such technology for peer-to-peer payments would not replace traditional money, but was here to stay because of its convenience, she said.

“It is undeniable,” she said. “One must separate the Mt. Gox problem from the overall concept.”

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