Japan: Bitcoin Regulation Ought To Be An International Effort

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By Super User February 27, 2014 09:20

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Japan: Bitcoin Regulation Ought To Be An International Effort

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Magnifying Glass ClipVice finance minister Jiro Aichi of Japan has spoken up in light of the Mt. Gox drama, and he’s said that bitcoin regulation should be an international effort, in order to avoid loopholes.

Aichi said the ministry may respond “if necessary”, but an investigation is underway regarding Gox’s practices that reported saw the theft/loss of over 700,000 bitcoin, worth over $250 million USD.

“It’s not just the Ministry of Finance; many other agencies are related,” he said at a news conference, according to Reuters. “As for its legal position, a currency [in Japan] would be coins or notes issued by the Bank of Japan. At the very least, we can say bitcoin is not a currency.”

A new report on Thursday from blogger Two Bit Idiot entitled “The Final Goxing” indicated that consulting form Mandalah published the infamous Strategy Crisis Draft for Mt. Gox that has been making its rounds since earlier this week.

In addition, the Bitcoin Foundation is reported to have given federal authorities in the United States information about peculiarities at the Tokyo-based exchanged, prompting an investigation. The exchange received a subpoena earlier this week. [via Reuters]

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A bitcoin enthusiast residing in Massachusetts, Eric got his news-writing start on his own technology blog from 2009-2011. He's also written for PetaPixel - a prominent photography blog. By day, he works in IT and has worked as a wire photographer for Retna.

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