• January 2009: Bitcoin protocol is released and the first coins are generated by
miners.
• July 2010: Mt. Gox launches an exchange to trade bitcoins.
• February 2011: Silk Road, an online marketplace mainly for illegal activities, is
founded.
• June 2011: BTC China exchange is founded.
• July 2011: BTCE, a Bulgarian-based cryptocurrency exchange, is launched.
• August 2011: Bitstamp is founded in Slovenia and in April 2013 is moved to the U.K.
• October 2011: Litecoin is released as a modified version of the original Bitcoin code by a former Google employee.
• April 2012: Satoshi Dice, the most popular bitcoin online gambling service, begins operations.
• February 2013: New anti-money laundering laws causes Dwolla to cancel transactions from Mt. Gox.
• April 2013: Mt. Gox suspends trading for a day causing the price of the currency to drop sharply.
• March 2013: FinCEN defines its position on virtual currency and outlines regulatory response.
• May 2013: Satoshi Dice blocks all incoming U.S. based IP address traffic citing
possible legal concerns.
• September 2013: Federal Reserve Chairman Bernanke sends a letter to Congress on virtual currency.
• October 2013: The FBI shuts down Silk Road, seizing 26, 000 BTC worth approximately $3.6 million USD at the time.
• December 2013: Chinese authorities prohibit banks and payment institutions in the country from dealing in bitcoins.
28• February 2014: Mt. Gox files for bankruptcy after disclosing the loss of 850, 000 BTC valued at almost U.S.$500 million at the time.
• February 2014: Bitstamp (the largest exchange at this time by the value of processed transactions) suspends withdrawals for several days after facing a distributed DOS attack.
• March 2014: IRS issues guidance on virtual currencies.
• June 2014: Mining pool temporarily reaches 51% network computing power.
• July 2014: New York regulators propose new rules to govern virtual currency businesses.
Source: Anton Badev and Matthew Chen
Finance and Economics Discussion Series
Divisions of Research & Statistics and Monetary Affairs
Federal Reserve Board, Washington, D.C.
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