Bitcoin trading in November reached 174.7 million bitcoins setting a new record.
According to Bitcoinity.org, that’s a 50 percent increase over October and beats the previous record of 148.6 million bitcoins traded set in March.
The high volume was attributed to Chinese investors, who have been using the virtual currency to buy U.S. dollars. China only allows citizens to buy $50,000 worth of foreign currencies a year, but there is no such restriction on bitcoin purchases, the report said. China’s three bitcoin exchanges together represent about 90 percent of the global trading volume.
In another development, the Philippines is the latest country to consider regulations for virtual currencies. The regulations are being considered since many Filipinos abroad use Bitcoin to send money home, according to a report by Yogonet.com.
Such transactions are “rising very quickly” as a less expensive alternative to traditional channels Nestor Espenilla, a deputy governor at the Philippines Central Bank told the website.
“We are concerned with potential money laundering and consumer protection,” said Espenilla, who heads the central bank’s supervision and examination unit. “We are studying putting virtual currency exchange operators under a more formal regulatory framework.”
According to the report, the Philippines has been stiffening its defenses for money laundering and technology crimes after thieves hacked into the Bangladeshi central bank’s account at the U.S. Federal Reserve in February and routed $81 million to accounts at Manila-based Rizal Commercial Banking Corp. Most of the funds disappeared after being transferred through a remittance company to gaming halls in the Philippines.
