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Digital Life

Bitcoin needs regulatory framework to change risky image

Published on May 14, 2014 1:10 AM

LONDON (REUTERS) - Regulators should create a framework of rules to help to make virtual currencies such as bitcoin more attractive to ordinary consumers, a lawyer from the Bitcoin Foundation said on Tuesday.

Bitcoin made headlines earlier this year when Tokyo-based bitcoin exchange Mt. Gox filed for bankruptcy after saying it might have lost some 750,000 bitcoins in hacking attack.

Patrick Murck, general counsel at the Bitcoin Foundation, said cooperation was needed between authorities to create rules that would support those using the digital currency responsibly.

"There's an opportunity to work together to stop people saying it's scary and risky," he said. "The challenge is just to get a framework out there that makes sense for people," said Murck, speaking at an event on the state of digital economy.

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