A year ago, when the entire stock of Bitcoin was worth $150m, authorities were concerned most by the potential use of a new digital currency by drug dealers and petty criminals to hide their trades and launder profits.
But now the Bitcoin system has swollen to $10bn, the world’s regulators are confronting additional and bigger headaches.
The result is diverging approaches from governments in different countries that have upset some previously held expectations for the Bitcoin experiment, and in a reversal, China suddenly looks an unfriendlier place than the US.
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