Mt bitcoin exchange chief Gox denies embezzlement as trial opens _ GulfNews.com the price of bitcoin

Karpeles was indicted for transferring 341 million yen (dh11.02 million; $3 million) from a mt. Gox account holding customer funds to an account in his name during september to december 2013. He also allegedly boosted the balance of an account in his name in mt. Gox’s trading system.

Karpeles’ defence had told a pre-trial consultation that the remittance was within the scope of the firm’s revenue and not the embezzlement of customer funds, the nikkei business daily reported on tuesday.

The defence said the increased balance was part of the administrative process of exchanging cash and bitcoins and therefore not illegal, the nikkei reported.

Karpeles told the court he was an information technology engineer.

“I swear to god that I am innocent,” he said in japanese to the three-judge panel hearing his case, according to the pool report.The price of bitcoin

The collapse of mt. Gox represented a major setback for bitcoin and badly damaged the image of virtual currencies, particularly among risk-averse japanese investors and corporations.

But the bankruptcy also prompted japan’s government to decide how to treat bitcoin, and preceded a push by local regulators to licence virtual currency exchanges.

Japan this year became the first country to regulate exchanges at the national level, part of a government effort to exploit financial technology as a means of stimulating the economy.

Interest in bitcoin among japan’s legions of individual investors — encouraged by tokyo’s recognition of the virtual currency as legal tender — has spiked in recent months.

Still, institutional investors remain wary, say those running virtual currency exchanges in tokyo. Japanese firms are also unenthusiastic: only 4 per cent of large and mid-sized firms plan to use bitcoin in the near to medium term, showed a reuters poll last month.The price of bitcoin

The value of bitcoin is highly volatile. It hit a record high of $2,980 last month.

Like other virtual currencies, such as ethereum and ripple, bitcoin has no central authority and relies instead on thousands of computers across the world that validate transactions and add new units to the system — technology known as blockchain.

Bitcoin can be traded on exchanges in the same manner as stocks and bonds. It has also become a mode of payment for some retailers, and a way to transfer funds without the need for a third party.

Karpeles was indicted for transferring 341 million yen (dh11.02 million; $3 million) from a mt. Gox account holding customer funds to an account in his name during september to december 2013. He also allegedly boosted the balance of an account in his name in mt. Gox’s trading system.The price of bitcoin

Karpeles’ defence had told a pre-trial consultation that the remittance was within the scope of the firm’s revenue and not the embezzlement of customer funds, the nikkei business daily reported on tuesday.

The defence said the increased balance was part of the administrative process of exchanging cash and bitcoins and therefore not illegal, the nikkei reported.

Karpeles told the court he was an information technology engineer.

“I swear to god that I am innocent,” he said in japanese to the three-judge panel hearing his case, according to the pool report.

The collapse of mt. Gox represented a major setback for bitcoin and badly damaged the image of virtual currencies, particularly among risk-averse japanese investors and corporations.

But the bankruptcy also prompted japan’s government to decide how to treat bitcoin, and preceded a push by local regulators to licence virtual currency exchanges.The price of bitcoin

Japan this year became the first country to regulate exchanges at the national level, part of a government effort to exploit financial technology as a means of stimulating the economy.

Interest in bitcoin among japan’s legions of individual investors — encouraged by tokyo’s recognition of the virtual currency as legal tender — has spiked in recent months.

Still, institutional investors remain wary, say those running virtual currency exchanges in tokyo. Japanese firms are also unenthusiastic: only 4 per cent of large and mid-sized firms plan to use bitcoin in the near to medium term, showed a reuters poll last month.

The value of bitcoin is highly volatile. It hit a record high of $2,980 last month.

Like other virtual currencies, such as ethereum and ripple, bitcoin has no central authority and relies instead on thousands of computers across the world that validate transactions and add new units to the system — technology known as blockchain.The price of bitcoin

Bitcoin can be traded on exchanges in the same manner as stocks and bonds. It has also become a mode of payment for some retailers, and a way to transfer funds without the need for a third party.

Karpeles was indicted for transferring 341 million yen (dh11.02 million; $3 million) from a mt. Gox account holding customer funds to an account in his name during september to december 2013. He also allegedly boosted the balance of an account in his name in mt. Gox’s trading system.

Karpeles’ defence had told a pre-trial consultation that the remittance was within the scope of the firm’s revenue and not the embezzlement of customer funds, the nikkei business daily reported on tuesday.

The defence said the increased balance was part of the administrative process of exchanging cash and bitcoins and therefore not illegal, the nikkei reported.The price of bitcoin

Karpeles told the court he was an information technology engineer.

“I swear to god that I am innocent,” he said in japanese to the three-judge panel hearing his case, according to the pool report.

The collapse of mt. Gox represented a major setback for bitcoin and badly damaged the image of virtual currencies, particularly among risk-averse japanese investors and corporations.

But the bankruptcy also prompted japan’s government to decide how to treat bitcoin, and preceded a push by local regulators to licence virtual currency exchanges.

Japan this year became the first country to regulate exchanges at the national level, part of a government effort to exploit financial technology as a means of stimulating the economy.

Interest in bitcoin among japan’s legions of individual investors — encouraged by tokyo’s recognition of the virtual currency as legal tender — has spiked in recent months.The price of bitcoin

Still, institutional investors remain wary, say those running virtual currency exchanges in tokyo. Japanese firms are also unenthusiastic: only 4 per cent of large and mid-sized firms plan to use bitcoin in the near to medium term, showed a reuters poll last month.

The value of bitcoin is highly volatile. It hit a record high of $2,980 last month.

Like other virtual currencies, such as ethereum and ripple, bitcoin has no central authority and relies instead on thousands of computers across the world that validate transactions and add new units to the system — technology known as blockchain.

Bitcoin can be traded on exchanges in the same manner as stocks and bonds. It has also become a mode of payment for some retailers, and a way to transfer funds without the need for a third party.