Tag Archives: Asia

Angry South Koreans flood banks after data leak

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“Tens of thousands of South Koreans flooded banks and call centres on Tuesday to cancel their credit cards following the unprecedented theft of the personal data of at least 20 million people.  The panic has its roots in the arrest earlier this month of an employee from personal credit ratings firm Korea Credit Bureau, on charges of stealing and selling data from customers of three credit card firms while working as a temporary consultant.  All special call centres run by the three firms were busy on Tuesday and some of their websites could not be accessed at all.  Dozens of their top executives have tendered their resignations, while the government is expected to announce special measures.”

http://www.channelnewsasia.com/news/asiapacific/angry-s-koreans-flood/962008.html

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Korea’s biggest Bitcoin exchange gets $400K Silicon Valley investment

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“South Korea’s first Bitcoin startup, Korbit, has received $400,000 in seed funding from a group of investors. Korbit — which is also Korea’s largest Bitcoin exchange, with more than 20,000 registered users — is now profitable after less than a year of operations.  Korbit’s success is notable because of the role the South Korean government played. Korea’s Ministry of Science, ICT and Future Planning funded the exchange’s participation in the Silicon Valley-based pitching event that spurred much of the investment. The event was judged by Tim Draper, founder of venture capital company DFJ. Draper would go on to lead the $400,000 investment shortly afterwards.”

http://www.theverge.com/2014/1/19/5325636/korbit-korea-bitcoin-exchange-400000-silicon-valley-investment

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Bank data of 20 million customers leaked in South Korea

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“An employee from personal credit ratings firm Korea Credit Bureau (KCB) has been arrested and accused of stealing the data from customers of three credit card firms while working for them as a temporary consultant.  Seoul’s financial regulators on Sunday confirmed the number of affected users as at least 20 million, in a country of 50 million. The stolen data includes the customers’ names, social security numbers, phone numbers, and credit card numbers and expiration dates, the Financial Supervisory Service (FSS) said in a statement.   The information was taken from the internal servers of KB Kookmin Card, Lotte Card, and NH Nonghyup Card.”

http://www.zdnet.com/bank-data-of-20-million-customers-leaked-in-south-korea-7000025332/

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Bitcoin Violates Numerous Laws According to Indonesia Central Bank

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“The central bank of Indonesia is the latest Asian governmental body to warn against widespread bitcoin (BTC) adoption. In a report by Kontan (via Google translate), Bank Indonesia deputy governor Ronald Waas confirmed that using digital currency like bitcoin is in violation of numerous laws.   Waas listed three particular laws that he urges bitcoiners to consider before they utilize it in Jakarta: Bank Indonesia Law, Information and Electronic Transactions (ITE) and various currency legislation. According to Waas, ‘The use of bitcoin as payment violates the law.’  Essentially, the rupiah is the only legal tender.”

http://www.pfhub.com/bitcoin-violates-numerous-laws-according-to-indonesia-central-bank-303/

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Bitcoin takes up in Hong Kong

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“They’re driven entrepreneurs and they’re big on investing in bitcoins, and they think Hong Kong will become the bitcoin capital of the world, despite setbacks including restrictions on bitcoin trading on the Mainland.”

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America’s Police State: Worse than Communist North Korea?

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“American police are taught to treat any act of non-compliance as ‘resisting arrest,’ a supposed offense that justifies the use of pain compliance and – in cases like that of Kelly Thomas –lethal force, if it is necessary to subdue the victim. In fact, most police who go ‘hands-on’ with a victim will pre-emptively shout ‘Stop resisting!’ even when no resistance is offered. Any incidental contact with the sanctified person of a police officer is treated as criminal battery or even aggravated assault.  Interestingly, this doesn’t appear to be the case in North Korea.”

http://www.lewrockwell.com/lrc-blog/americas-police-state-worse-than-communist-north-korea/

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Bitcoin has arrived in Vietnam

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“A notice appeared on a website, called the ‘forum for the parents,’ last week: ‘Bitcoin accepted here,’ with the symbol showing that bitcoin is the acceptable payment currency.  This is the first and the only company in Vietnam accepting the payment in bitcoin so far. The notice has immediately caught the special attention from the public. A lot of people, especially the youth, said they would ‘try’ bitcoin after hearing that some people in the world have got rich with the investments in the currency.  However, the majority of the members of the forum admitted that they don’t understand much about the currency, and that first of all, they need to learn what bitcoin means.”

http://english.vietnamnet.vn/fms/business/93786/bitcoin-has-arrived-in-vietnam.html

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China Seen by Bloomberg Industries Boosting Bank Gold Reserves

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“China may have vaulted ahead of Italy and France last year to become the third-largest holder of gold, according to a Bloomberg Industries report.  Assets were probably about 2,710 metric tons, compared with the last reported holdings of 1,054 tons in April 2009, according to the report. Italy’s holdings are 2,451.8 tons, and France owns 2,435.4 tons, according to the World Gold Council data. The U.S. is the biggest holder with 8,133.5 tons. China’s central bank probably added 622 tons last year after reserves increased 380 tons in 2012, according to the report by Kenneth W Hoffman, senior metals and mining analyst at Bloomberg Industries.”

http://www.bloomberg.com/news/2014-01-10/china-seen-by-bloomberg-industries-boosting-bank-gold-reserves.html

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Robocoin shipping 45 more Bitcoin ATMs by March

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“Bitcoin ATMs are headed to Asia, and beyond.  It expects to ship eight units that dispense this hot ‘cryptocurrency’ this month and 39 by March.  ‘The ensuing liquidity injection from these machines should provide substantial impact on Bitcoin’s valuation, not seen since the buying frenzy in November,’ the company said in a statement.  CEO Jordan Kelly told VentureBeat that Robocoin’s goal is to bring Bitcoin to the masses and make it ‘grandma-friendly.’  The first machine opened for business in October in a coffee shop in Vancouver, Canada.  The kiosks cost a steep $20,000, and after the Vancouver debut, dozens more were quickly ordered for locations around the world.”

http://venturebeat.com/2014/01/03/robocoin-shipping-first-2-bitcoin-atms-to-asia-this-month-and-will-ship-45-more-by-march/

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Singapore government to tax some bitcoin transactions

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“Singapore-registered companies who buy and sell bitcoins or exchange the digital currency for other goods and services must pay taxes for these transactions, says the Inland Revenue Authority of Singapore (IRAS), Singapore’s tax authority.  The government’s stance towards the volatile cryptocurrency echoes countries like Germany, Norway, and the United Kingdom, all of which deemed Bitcoin taxable.  Companies that buy or sell bitcoins will have to declare taxes based on gains from their sale of the currency. However, if the company invests in Bitcoin for the long-term, all gains will be capital in nature and therefore not taxable. Singapore currently has no capital gains tax.”

http://www.techinasia.com/singapore-government-tax-bitcoin-transactions/

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