Tag Archives: Asia

Vietnam says bitcoin transactions are illegal

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“Vietnam’s communist government said trading in bitcoin and other electronic currencies is illegal, and warned its citizens not to use or invest in them. Currencies like bitcoin are unnerving financial regulators in Asia and elsewhere because they are outside of their control. Established banks don’t like them because people can send the money around the world with any fees.  There are a few websites that claim to offer bitcoin in exchange for Vietnamese dong, but it’s unclear whether they have done any trading so far. Aside from an investment and buying goods and services online, bitcoin could be used by Vietnam’s diaspora to sends home remittances.”

http://www.businessweek.com/ap/2014-02-27/vietnam-says-bitcoin-transactions-are-illegal

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Japan says any bitcoin regulation should be international

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“Any regulation of the bitcoin crypto-currency should involve international cooperation to avoid loopholes, Japanese vice finance minister Jiro Aichi said on Thursday.  Commenting on the closure this week of Tokyo-based Mt. Gox, once the world’s biggest exchange for the bitcoin virtual currency, Aichi said the ministry would respond to the problems ‘if necessary’, after finding out exactly what happened.  ‘It’s not just the Ministry of Finance; many other agencies are related,’ Aichi told a news conference. ‘As for its legal position, a currency (under Japan’s jurisdiction) would be coins or notes issued by the Bank of Japan. At the very least, we can say bitcoin is not a currency.'”

http://www.reuters.com/article/2014/02/27/us-bitcoin-mtgox-japan-idUSBREA1Q0I520140227

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Mt. Gox Bitcoin Exchange Files for Bankruptcy, Claims $63.6m Debt

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“Mt. Gox is officially filing for bankruptcy protection with an outstanding debt of ¥6.5bn ($63.6m), finally admitting openly that 750,000 of its bitcoins and 100,000 of the company’s own have been lost.  The exchange’s lawyer announced the news during a conference at the Tokyo District Court. CEO Mark Karpeles, wearing a suit and tie, bowed deeply in the tradition of disgraced Japanese business leaders fronting the media.  Assets include $5m ‘held by CoinLab‘ and another $5.5m ‘held by the DHS‘. The Department of Homeland Security seized that amount from Mt. Gox’s US accounts in mid 2013, claiming it had not registered properly as a money transmission business.”

http://www.coindesk.com/mt-gox-files-bankruptcy-claims-63-6m-debt/

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‘Japanese Regulators Take Closer Look at Bitcoin’ (Wednesday)

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“Japan’s chief government spokesman and a member of the central bank’s policy board said authorities were looking into the regulation of bitcoin, a day after Tokyo-based bitcoin exchange Mt. Gox shut its website and halted trading.  Compared with regulators in many other advanced economies, Japanese regulators have been relatively silent on bitcoin. But Wednesday morning, Japan’s top government spokesman, Chief Cabinet Secretary Yoshihide Suga, said the government was looking into the matter, collecting information through the Financial Services Agency, the Ministry of Finance and the police.”

http://online.wsj.com/news/articles/SB10001424052702304071004579406331583977114

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‘Japan’s Authorities Decline to Step In on Bitcoin’ (Tuesday)

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“Japanese authorities have been relatively silent about bitcoin. When asked in December for his view on bitcoin generally, Bank of Japan Gov. Haruhiko Kuroda said that he was ‘very interested.’ He said the central bank’s research arm was looking into the currency, but that he couldn’t comment further.  A Bank of Japan spokesman said Friday that the bank ‘is not in a position’ to regulate bitcoin and its exchanges.  The Ministry of Finance said on Monday that it isn’t its job to supervise bitcoin and related services. The Ministry of Internal Affairs and Communications, which is in charge of information technology and related issues, said, ‘We are not in a position to make any judgments on this matter.'”

http://online.wsj.com/news/articles/SB10001424052702304834704579402751676012112

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Japanese Police Shut Down Protest at Mt. Gox

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“The small group of protestors outside Mt. Gox in Tokyo were moved on late yesterday by Japanese police, and warned not to return without a ‘demonstration license’.  This effectively ends the protest in its current form, since the group is unlikely to secure the license. For the most part the protest consisted only of two people, though they had been joined at other stages during the week by curious bitcoiners and financial media reporters. One of the Japanese language signs the pair was holding invited locals to join in and gave the street address.”

http://www.coindesk.com/japanese-police-shut-down-protest-gox/

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Bank of Thailand: Bitcoin exchanges can resume operations

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“It’s been months since Thailand’s largest Bitcoin exchange was forced to stop trading after the Bank of Thailand ruled that Bitcoin is ‘not a currency’. However, as of February 15, Thailand’s Bitcoin.co.th is ready to operate all types of Bitcoin transactions once again.  From the Bank of Thailand’s letter (PDF in Thai), the current situation is that Bitcoin can be traded in Thailand so long as it’s only converted to/from Thai baht. So Bitcoin cannot be used as a way of converting foreign currencies in the nation. The country’s top bank says it has no plans to expand the laws to regulate Bitcoin.”

http://www.techinasia.com/bank-thailand-countrys-top-bitcoin-exchange-resume-operations/

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Show me the money: Hong Kong in “biggest ever” Bitcoin giveaway

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“Hong Kongers snapped up HK$500,000 (S$82,000) in Bitcoin vouchers on Thursday to mark the Lunar New Year in what organisers said was the biggest ever giveaway of the currency – though some were confused about how to use it.  Young women in short skirts handed out 50,000 coupons worth HK$10 around the city all day and into the evening. Vouchers were tucked into the red envelopes ubiquitous during the new year festival, embossed with the Chinese word for ‘luck’ in gold. The envelopes – known as ‘lai see’ or ‘red pocket’ – usually hold cash and are given to family, colleagues and anyone else who deserves a thank you.”

http://www.straitstimes.com/breaking-news/asia/story/show-me-the-money-hk-biggest-ever-bitcoin-giveaway-20140130

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New Hong Kong Bitcoin Exchange Welcomes Mainland Customers

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“A new Hong Kong bitcoin exchange has launched after raising $2m in funding from local investors.  The exchange, HKCex, said the funds came from ‘private financial institutions’ in the region.  HKCex is led by chief executive and chairman Pheng Cheah. The company said it will allow mainland China customers to open accounts and will also accept wire transfers from mainland bank accounts.  ‘Mainland customers are welcome,’ said Lavin Lam, a marketing and PR spokesperson for the exchange.  HKCex will also allow customers to use deposit and withdraw funds to credit cards using a PayPal gateway. This requires a signed authorisation form for transactions, Lam said.”

http://www.coindesk.com/new-hong-kong-bitcoin-exchange-welcomes-mainland-customers/

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Korean carriers to launch 300Mbps LTE-Advanced network this year

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“Most of us in Europe and North America try not think about how much we’re getting smoked by Asia in terms of internet speeds, but here’s another reminder: residents in South Korea will soon enjoy 300Mbps wireless on carriers SK Telecom and LG’s U+. That follows a similar effort by CSL in Hong Kong, which achieved the same speed by combining two 20MHz LTE bands. However, SK and U+ will use so-called LTE-Advanced 3-band carrier aggregation tech, marrying three bands to achieve the higher speeds.  SK Telecom will actually be showcasing even better 450Mbps tech in February at Mobile World Congress.”

http://www.engadget.com/2014/01/20/sk-telecom-lte-a-300-mbps/

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