(MENAFN- Kuwait News Agency (KUNA)) Japanese Finance Minister Taro Aso said on Friday that the government will look into the virtual bitcoin currency market after the sudden suspension of a bitcoin trading platform operated by Tokyo-based Mt. Gox
"We don't know what bitcoins are and what exactly happened. It is not clear whether someone stole the coin or the operator has just run away with it, so we should start studying it," Aso told a news conference, adding that officials from related ministries and agencies will assess the situation and discuss ways to deal with the bitcoin turmoil
His remarks came after Mt. Gox suspended all transactions on Wednesday following weeks of turmoil, citing the need to protect its site and users, leaving users unable to access bitcoins in their Mt. Gox accounts or withdraw cash. But, Mt. Gox offered no explanation about when the system is likely to recover
The minister also said bitcoin is not recognized as a currency. Currently, there are no laws in Japan to regulate bitcoins. The number of traders in bitcoins on Mt. Gox, which was once the world's biggest exchange for bitcoins, is estimated at one million, both inside and outside of Japan
Since its creation in 2009, bitcoin has become popular among global investors due to convenience and ease. Bitcoins can be traded with actual currencies on such exchanges as Mt. Gox
Furthermore, Mt. Gox CEO Mark Karpeles said in a statement on Wednesday that he is still in Japan and is working to resolve problems
"As there is a lot of speculation regarding Mt. Gox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues," said Karpeles
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