Mt. Gox – The Final Hours

As Mt. Gox hits an all time low with its backruptcy situation, Bitcoin users have defined the collapse as an urge to buy BTC as the crash will soon send traders afloat and with hopes of surplus in the Bitcoin value. It is even rumored that Blockchain may be buying off this unfortunate circumstance with the advent of their release of ZeroBlock – which is founded by acquiring RTBTC. However, more on that later, Mt. Gox has released statements on their site one of which is the Comprehensive Prohibition Order Judgment:

平成２６年３月４日

包括的禁止命令主文の通知

再生債務者株式会社ＭＴＧＯＸについて，平成２６年２月２８日，東京地方裁判所

から，包括的禁止命令が発せられましたので，同裁判所からの指示により，下記の通

り，同命令の主文を掲載いたします。

記

　本件再生手続き開始の申立てにつき決定があるまでの間，すべての再生債権者は，再生債務者の財産に対し，再生債権に基づく強制執行又は仮差押え若しくは仮処分の執行をしてはならない。

以上

[translation from the Japanese]

March 4, 2013

Comprehensive Prohibition Order Judgment Announcement

Rehabilitation debtor MtGox Co., Ltd. received on February 28, 2014 a comprehensive

prohibition order from the Tokyo District Court. Following the instructions of the Court, the text

of the judgment is hereby published:

No forced execution or preliminary attachment or disposition shall be made by a

rehabilitation creditor on the basis of a rehabilitation debt with regard to the properties

of the rehabilitation debtor during the period until a decision shall be made with regard

to the application for commencement of civil rehabilitation.

For people who have lost so much with Mt. Gox, it is necessary for them establish how much they've lost. The paramount way to do this would be with a topical download of their records from Mt. Gox. Though the website was still inaccesible, it is probable that some functionality may be brought back in the upcoming weeks for just this function. If this doesn’t happen and if there are no kept records separately of their Mt. Gox account, then they may be able to circuitously settle on how much they’ve lost using records from their bank or sum processor. An accountant should be able to assist them. A loss at Mt. Gox would most likely have to be averred for 2014, so they have copious time to go to compute their loss.

A statement from the Japanese government, mentioning 18 sections of 11 laws and regulations, states Bitcoin is not a legal tender or an advantage within the view of specialized trading or quality management, while trading the virtual coinage is not a banking or financial transaction. Nevertheless, the statement also says Bitcoin could be taxable if it meets specific conditions of revenue, business or expenditure tax laws. This leaves open the likelihood that Bitcoin could be regarded as goods like copper, although the statement does not spell this out.