Cryptocurrency round-up: Google working on bitcoin payment system as markets surge

• Bitcoin price: $234.56 (£152.52, €205.86 via CoinDesk.com)

A surge in the price of bitcoin over the last 24 hours has caused a market-wide resurgence, with the top ten most-valuable cryptocurrencies all experiencing an increase in value since yesterday.

Bitcoin's 7% price rise follows more than a week of sustained stability where its market cap hovered just abover the $3bn mark.

Litecoin, darkcoin, dogecoin and paycoin saw more modest gains of between 1% and 4%, while fuelcoin rose by more than 30%.

Google working on bitcoin payments system?

Google is reportedly working with mobile payments processor Square to develop a new system that would accept bitcoin.

According to Cryptocoins News, tests of the new payment processing method are currently underway.

The Plaso system would offer direct competition to Apple's iOS mobile payments system Apple Pay.

Reports in The Information have suggested that Plaso would allow Android smartphone users to pay for goods at a cash register by saying their initials.

Bitcoin shouldn't be blamed for MyCoin scandal

Lawmakers in Hong Kong seeking a ban on cryptocurrencies in the region following the MyCoin scandal have misinterpreted the role of bitcoin in the affair, lawyers have said.

The purported bitcoin exchange is currently under investigation by the Hong Kong Commercial Crime Bureau (CCB) and has reportedly cost customers just over $8m in lost investments.

"There has undoubtedly been confusion in the media amongst the public about the scheme," Randall Arthur, a partner at the Hong Kong office of law firm Kobre & Kim, told IBTimes UK.

"Bitcoin trading was just used as a front for the scheme, when in reality bitcoins were never traded - the investors never held bitcoins or any other investments at all.

"The scheme could just have easily promoted itself using other investment opportunities - shares, securities, bonds, forex, et cetera. The outcome would have been the same."