Mt. Gox Founder Requested to Return to the US, Chinese Bitcoin Exchanges in Trouble and More…Weekly News Update

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U.S. Judge Demands Mt. Gox Founder Come To US To Answer Questions

U.S. Bankruptcy Judge Stacey Jernigan has demanded that Mt. Gox CEO Mark Karpeles appear at the law offices of Baker & McKenzie to answer questions regarding the exchange’s bankruptcy. Baker & McKenzi is representing clients in the United States who lost money during Mt. Gox’s recent collapse. Among other things, customers allege that Mt. Gox insiders may have stolen some of the missing 750,00 Bitcoins. The Mt. Gox proceedings will be closely watched by the Bitcoin community as they will set precedence.

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Bank of Montreal CEO Open to Bitcoins

One of the biggest questions surrounding Bitcoin is whether or not it will ever be accepted by mainstream financial institutions. Bank of Montreal CEO Bill Downe has stated that he would be open to acting as an intermediary for Bitcoin and providing financial services, but there’s a catch. In order for Bitcoin to be accepted, it would have to be regulated and reliable. Of course, some would argue that Bitcoin’s primary purpose was to avoid regulation and government interference.

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Bitcoin Community Raises 21 Thousand Dollars for Dorian Nakamoto

Some time ago Newsweek ran a report claiming that Dorian Satoshi Nakamoto was the Satoshi Nakamoto who created Bitcoin. Now it appears, however, that Mr. Nakamoto had nothing to do with the creation of the currency. Further, instead of being a wealthy billionaire, it turns out that Mr. Nakamoto is suffering from some serious financial problems. The Bitcoin community has responded, however, by raising 47 Bitcoins for Mr. Nakamoto. The drive was organized by Andreas M. Antonopoulos, a leader within the Bitcoin community and one of its most vocal supporters.

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Central Bank Clampdown Leading Chinese Bitcoin Traders To Close Down

China’s central government has been moving against Bitcoin in recent months. Now, threatened action after April 15th by the Chinese central government is causing some Bitcoin exchanges to shut down. BTC38 is the most recent Bitcoin company to shut down ahead of potential government crackdowns on Bitcoin traders. Interestingly, the Chinese government initially embraced Bitcoin as an alternative to the dollar. Over time, however, Bitcoin proved to be a challenger to the rising yuan and government views in regards to Bitcoin have cooled.

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Texas Memorandum Outlines New Bitcoin Regulations

Everything is bigger in Texas. Apparently that includes Bitcoin regulations. The Texas department of regulation recently issued a memorandum outlining its stance on Bitcoin. The Texas state government has stated that Bitcoin and other virtual currencies are not equivalent to traditional currencies. The Texas government notes that Bitcoin is not controlled by a sovereign government.

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Brian Booker

An international financial analyst and writer. He has consulted for the Malaysian government, various MNC's, and other organisations. He focuses on currencies, commodities, and emerging South East Asian markets.

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