Australian Digital Currency and Commerce Association is now pushing through a voluntary code of conduct to reassure bitcoin customers.
Australian Digital Currency and Commerce Association is now pushing through a voluntary code of conduct to reassure bitcoin customers. AP

Bitcoin industry rushing through tougher guidelines

THE Australian computer currency industry is urgently moving to bring in a code of conduct to stop customers losing money from bitcoin companies that go under.

Last night, 7.30 revealed that Australian-founded bitcoin exchange Igot appeared on the verge of collapse, with dozens of customers and clients claiming to be owed hundreds of thousands of dollars.

"The impact on consumers is clearly devastating," Australian Digital Currency and Commerce Association (ADCCA) chief executive Nicholas Giurietto said.

The Igot exchange, which buys and sells bitcoins on behalf of customers, has for months been unable to completely deliver on those bitcoins or refund their money.

Its owner Rick Day admitted to the ABC that he was struggling to pay customers.

Read more at ABC


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