It is even more prominent now than before that bitcoin virtual currency regulation is needed.
Even some with money tied up in Mt. Gox were un-daunted. ‘Huang Zhaobin, a 21-year-old student in Chengdu, said he had lost 50,000 to 60,000 yuan (about $9,090 to $10,900 Cdn) from the Mt. Gox closure.’
“Actually this money itself is the benefit from bitcoin investment,” said Huang, who plowed 10,000 yuan (about 1,818 Cdn) into bitcoins about three months ago.
“If it is legal, I will continue to invest for sure as it is the trend in the world.”
In Singapore, Tembusu Terminals, a joint venture specializing in crypto-currencies, announced Friday its first bitcoin ATM in the city-state and plans for many more. In Hong Kong, a group opened what it said was the world’s first bitcoin retail store.
Yang Weizhou, analyst at Mizuho Securities Co. in Tokyo, said laws to regulate virtual currencies may have to be created by countries including Japan.
She stated 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 wouldn’t 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.”
In a way the closure of mtgox is a blessing in disguise, as we will now see an inquest into the disappearance of the coins and will learn more about the security of the currency.