Frenchman Mark Karpeles, 30, the CEO of collapsed Bitcoin exchange MtGox, has been arrested in Tokyo on theft allegations as Japanese investigators grill him over the disappearance of hundreds of millions of dollars worth of the virtual currency.
Here are some key facts about Bitcoin.
Q. What is it?
A. Bitcoin is a virtual currency that is created from computer code. Unlike a real-world currency like the US dollar or the euro, it has no central bank and is not backed by any government.
Instead, its community of users control and regulate it. Advocates say this makes it an efficient alternative to traditional currencies, because it is not subject to the whims of a state that may wish to devalue its money to inflate away debt, for example.
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Source Credits: AFP and The Economic Times