The European Union through its European Banking Authority expressed warning similar to China, Germany and Norway regarding the risks associated in using Bitcoins as payment.

Coinbase, a digital wallet services provider, raised $25 million in a Series B funding round participated by Andreessen Horowitz, Union Square Ventures and Ribbit Capital.

EY director Colin Pickard said Bitcoin has the potential to be a game changer in the financial services industry as long as governments start regulating the digital currency.

PayPal president David Marcus played down the factors Bitcoin obtained in recent months as a potential currency and insisted that it is rather an asset, according to a VentureBeat article.

A Business Insider report said the few hundred people who owned the digital currency Bitcoin are the ultra-rich, as estimates indicate that each owns at least $1 million worth of Bitcoins.

A report said the price gap of Bitcoins sold on BTC China and the virtual currency on foreign exchanges had tempted some traders to take advantage by conducting arbitrage.

JPMorgan Chase has filed an application for a payment system that is similar in many ways to the controversial Bitcoin, according to a Financial Times report.

Bitcoin has fueled a rise in cyberattacks where computers and data are held hostage until the owner pays the ransom in the digital currency, according to a report.

After the government announced a ban on the use of Bitcoin for financial institutions, China's biggest search engine Baidu Inc announced that it would no longer be accepting the digital currency as payment.

The market in mobile payment or transaction apps using Bitcoin as a payment option is being fueled by a growing interest in average consumers who view payments via their smartphones as an easy way to settle their dues.