Frenchman Mark Karpeles -- once the high-flying head of the world's busiest Bitcoin trading platform, who reportedly lived in an $11,000-a-month penthouse -- is facing embezzlement and data manipulation charges. In the wake of the MtGox scandal, Japan passed a bill stipulating that all virtual currency exchanges must be regulated by its Financial Services Agency. Virtual currencies are generated by complex chains of interactions among a huge network of computers around the world, and are not backed by any government or central bank, unlike traditional currencies. Despite the demise of MtGox and concerns about security, Bitcoin and hundreds of rival digital currencies are becoming increasingly popular and accepted by merchants worldwide. Backers say virtual currencies offer an efficient and anonymous way to store and transfer funds online.

Source: The Nation Bangkok July 10, 2017 21:00 UTC