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Eversheds comment: Mt Gox administration highlights issue of how to address Bitcoin concept

  • United Kingdom

    16-04-2014

    On news that the Mt Gox Bitcoin exchange has entered administration, Tim Buckingham, partner at global law firm Eversheds, comments:

    “The insolvency of Mt Gox was a predictable conclusion following its recent troubles, and many people will be using this news to jump on the bandwagon and criticise Bitcoin generally. The reality is that Bitcoin is here to stay, and the real issue here is to address, quickly, how this new form of currency can be properly regulated and monitored to help it move away from the adverse publicity it has attracted, as well as the ad hoc refusal of some jurisdictions to recognise it as a currency.

    “The problem seems to be that individual jurisdictions do not really know how to address the Bitcoin concept. What the industry needs is a clear and coherent message, for the product to embrace and adopt regulation, and for these huge variations in value to settle down before Bitcoin can properly be embraced as an acceptable payment mechanism.”

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