• Kyodo

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A Japanese securities industry leader said Wednesday that people trading in bitcoins should understand they do so at their own risk, after a major exchange of the virtual currency failed.

The principle of self-responsibility is “extremely important,” Kazutoshi Inano, chairman of the Japan Securities Dealers Association, told reporters in New York, referring to the recent bankruptcy of Tokyo-based major bitcoin exchange Mt. Gox.

“We must reaffirm that everyone should confirm terms and conditions for bitcoin trading before participating in such trading with self-responsibility,” Inano said.

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