Bitcoin Picks: Japanese Police on Mt Gox & Israel's Chance to Lead in Digital Currencies

This year could prove to be the make it or break it one for digital currencies. It has kicked off

bitcoin digital currenciesThis year could prove to be the make it or break it one for digital currencies. It has kicked off eventfully with Tokyo police on their way to break the Mt Gox case, while one of the most advanced technological hubs in the world, Israel, may well support and endorse digital currencies as a local think tank has suggested that the government support the country’s efforts to become a leader in niche technological sectors such as Bitcoin.

Investment Risks

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

With increased popularity come increasing risks, as the Pennsylvania Department of Banking and Securities has warned of what it says are the top four emerging threats facing investors in 2015. They are stream-of-income investments/virtual currencies, binary options, marijuana industry investments and cybersecurity threats.

Read the full story here.

Was Mt Gox an inside Job?

Meanwhile, in the land of the rising sun, Tokyo police believe that fraud and a possible inside job were behind 99% of the approximately 650,000 bitcoins that disappeared from MtGox. Only 1%, or 7,000 bitcoins, were lost due to an external hacking.

The Tokyo Metropolitan Police Department Cyber Crimes Unit and officers from the White Collar Crimes Division began investigating in July. At the time, a police spokesman said that criminal activity was suspected.

Read the full story here.

Winklevoss Bitcoin Trust to Go Public

Reports that the Winklevoss Bitcoin Trust has filed to have 20.1 million shares of its exchange-traded fund (ETF) sold on the Nasdaq surfaced just before New Year’s eve. The fund aims to give investors exposure to bitcoin’s price on a regulated and liquid exchange, and without having to own the bitcoins themselves.

Suggested articles

Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>

Shares of the the proposed fund would trade under the symbol “COIN.” It was registered with the Securities and Exchange Commission (SEC) earlier this year. While the fund even reportedly showed up on Bloomberg terminals, it has not yet been approved.

Read the full story here.

Indian Central Bank Governor on Digital Currencies

The Governor of the Reserve Bank of India, Raghuram Rajan, was highly upbeat about the potential for digital currencies as mainstream money in the not-too-distant future. His comments on digital currency were made during a televised speech on NDTV, during which he discussed the broader Indian economy.

He also highlighted the current drawbacks of digital currency, namely its volatility and security issues, which today preclude it from functioning as a real currency. On the security issues, he said, “You’ve seen that it is not as secure as people thought they were and there have been stolen bitcoins and so on.”

Read the full story here.

Israel Should Lead the Way in Bitcoin Technology

Professor Eugene Kandel, an economic advisor to Prime Minister Binyamin Netanyahu and Head of Israel’s National Economic Council, stated yesterday that Israel needs to take a chance on bitcoins.

Kandel’s talk was part of his participation at a conference in Jerusalem yesterday presented by Israel’s Ministry of Treasury on the topic of labor contracts and wages.

Read the full story here.

Got a news tip? Let Us Know