VENTURE CAPITAL POST

Japan will be setting out rules this week on how it would treat bitcoin under its existing rules. This is seen as the country's first step in dealing with the digital currency after the closure of Mt. Gox, Reuters reported.

As opposed to the move that other countries are taking, the British government is planning to ditch the tax levied on Bitcoin trading, but the cryptocurrency will still be subjected to corporation and other taxes.

Mt. Gox has posted a new statement which shed more light on the company's financial situation and validated the contents of a document leaked earlier, TechCrunch reported.

Tokyo, Japan-based Bitcoin exchange Mt Gox set up a call center to deal with the inquiries of Bitcoin users after it lost $473 million worth of the digital currency and filed for bankruptcy protection.

The shuttering of Mt. Gox did not only showcase the dangers of the crytocurrency, it also unnerved the more nascent Bitcoin derivatives market, Bloomberg reported.

After shuttering its operations this week, Tokyo-based Bitcoin exchange Mt. Gox told reporters that it will be seeking bankruptcy protection, The Wall Street Journal reported.

In her testimony before the Senate Banking Committee, Federal Reserve Chair Janet Yellen said that the Fed does not possess any authority to supervise the Bitcoin, The Wall Street Journal blog MoneyBeat reported.

Mt. Gox, once the world's biggest bitcoin exchange, went dark on Tuesday, with its website down, its Tokyo office empty, and a cryptic comment from its chief executive that the business was at "a turning point."

In a discussion document obtained by TechCrunch, it was shown that Goldman Sachs had a neutral stance about the Bitcoin. It does not actively recommend that investors invest in the cryptocurrency, the report said.

San Francisco, California-based crowdfunding firm Crowdtilt launched an open source crowdfunding solution called Crowdtilt n that supports Bitcoin and allows anyone to start a campaign on their own websites.

Robocoin will be opening the first Bitcoin ATM in the US at the HandleBar tavern located in Austin, Texas. The machine will be operational starting Thursday, February 20 at 2 PM, TechCrunch reported.

Some of Bitcoin enthusiast Mike Caldwell's coins are pictured at his office in this photo illustration in Sandy, Utah, January 31, 2014.

Bitstamp and BTC-E paused Bitcoin withdrawal from their exchanges starting last week because of a potential glitch but have already resumed withdrawals while Mt Gox, the biggest Bitcoin exchange, still remains closed until now.

The uncertainty of the US government on what to do with the Bitcoins it has confiscated from the Silk Road raid in October last year has already cost it paper losses amounting to $31 million, The New York Post reported.

With Bitcoin encountering a series of problems lately, including withdrawal halting of exchanges, a $2.7 million heist, and a flaw in the Bitcoin protocol, speculations abound that the Bitcoin is coming to an end soon.