AUG 4 DIGEST: Mt. Gox ‘Ran out of Funds 6 Months before Going Bust’; Australia Warms towards Bitcoin as Currency

Defunct Bitcoin exchange Mt. Gox is said to have ran out of money six months before it filed for bankruptcy; an Australian government inquiry has set the stage for Bitcoin to be treated like a national or foreign currency, and more top stories for August 4.

Mt. Gox Ran out of Funds Six Months before Going Bust

Defunct Bitcoin exchange MtGox is said to have ran out of funds six months before it filed for bankruptcy in February 2014 after tens of millions of dollars’ worth of bitcoins and fiat had disappeared. The Tokyo-based outfit had allegedly been running a deficit on its balance sheet after the US Department of Homeland Security seized assets of around US$5 million kept in US bank accounts around May 2013.

Australia Takes First Step Toward Bitcoin as Currency

An Australian government inquiry has set the stage for Bitcoin to be treated like a “national or foreign currency”. A Senate Economics References Committee review into digital currencies in Australia has found they should be treated like any other currency for the purposes of the Goods and Services Tax (GST).

Labor Senator Sam Dastyari, who chaired the committee, said:

“Without a doubt, the main benefit will be the

Read more ... source: Cointelegraph