Tag Archives: Asia

Bitcoin exchanges shut shop in India

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“BuySellBitCo.in CEO Mahin Gupta refused to comment on what would happen to the investment that went into BuySellBitCo.in. However, the exchange’s website pointed out that it was suspending operations until a clearer operating framework could be found. ‘Post the RBI circular, we are suspending buy and sell operations. This is being done to protect the interests of our customers and in no way is a reflection of Bitcoin’s true potential or price,’ the trading platform said.  Another trading platform, INBRTC, claimed that the ‘only option now was to suspend services until further arrangements could be made.'”

http://www.thehindu.com/business/Industry/bitcoin-operators-shut-shops-in-india-amid-rbi-warning/article5504407.ece

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Reserve Bank of India Issues Virtual Currency Warning

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“There are a few exchanges and trading platforms in India and most of them were launched earlier this year. Although they tend to allow users to purchase bitcoin in rupees, none of them appear to have regulatory approval to do so. However, since India does not have digital currency legislation, it is impossible to get such approval, unless Indian regulators decide to apply existing foreign exchange regulations to bitcoin.  For now though, India does not have bitcoin regulation and it is unclear whether the RBI’s statement will change anything moving forward.”

http://www.coindesk.com/reserve-bank-india-issues-virtual-currency-warning/

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India Central Bank warns against Bitcoin use

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“The Reserve Bank of India, on Tuesday, warned the public against the use of virtual currencies such as Bitcoin, pointing out that users expose themselves to potential financial, legal and security related risks.  The public advisory comes after the borderless digital currency has begun to gain widespread acceptance in India, despite poor Internet penetration and a natural scepticism to assets not backed by tangible entities such as land.  In its list of potential risks, the apex bank highlights problems such as losses arising out of hacking, no sources of customer recourse and the general financial volatility surrounding Bitcoins.”

http://www.thehindu.com/business/Economy/rbi-warns-against-bitcoin-use-in-india/article5497653.ece

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Entrepreneurs increasingly accepting ‘bitcoins’ in India

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“Tarun Thadani, the proprietor of a vintage-themed pizza outlet in the posh Worli area of Mumbai, thinks he is making history. On Saturday, his restaurant Kolonial announced that its patrons can pay in bitcoins instead of rupees, thus laying claim to the title of being India’s first eatery to accept the new-age currency. ‘Right now, people are a bit sceptical about bitcoins, but it’s going to become big. I am testing the waters,’ said Thadani, 30, who is a bitcoin owner and a host to several bitcoin meetups at Kolonial. In Bangalore, the technology startup accelerator Microsoft Ventures Accelerator is doing its bit for bitcoin by lending its office space to host the country’s first Bitcoin meetup of 2014.”

http://economictimes.indiatimes.com/news/emerging-businesses/startups/from-eatery-to-meetup-entrepreneurs-increasingly-accepting-bitcoins-in-india/articleshow/27871965.cms

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Almost Every Passenger on Indian Flight Found Carrying 1kg of Gold

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“Faced with curbs on gold imports and crash in international prices leaving it cheaper in other countries, gold houses and smugglers are turning to NRIs to bring in the yellow metal legally after paying duty. It was evident last week when almost every passenger on a flight from Dubai to Calicut was found carrying 1kg of gold, totalling up to 80kg. At Chennai airport, 13 passengers brought the legally permitted quantity of gold in the past one week.  ‘It’s not illegal. But the 80kg gold that landed in Calicut surprised us. We soon got information that two smugglers in Dubai and their links in Calicut were behind this operation, offering free tickets to several passengers,’ said an official.”

http://libertyblitzkrieg.com/2013/12/23/the-times-of-india-almost-every-passenger-on-a-flight-from-dubai-to-calicut-was-found-carrying-1kg-of-gold/

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Even more smuggled gold enters India

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“In the biggest ever catch at the Hyderabad airport, customs officials have seized 18 kilograms of gold and arrested three people. The trio had arrived from Singapore and were hiding the gold bars in their trousers and shoes. In another incident, officials of the customs department recovered gold hidden in dates from a man who landed at the Pune International Airport.  Investigation revealed that the seeds of these dates had been replaced with gold beads wrapped in black packets.  Gold seizures have almost doubled for the period 2013-2014. Whistleblowers who help bust illegal gold shipments can get a bigger reward in India than those who help catch cocaine and heroin smugglers.”

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=222614&sn=Detail

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Bank of Japan “Very Interested” in Bitcoin: Kuroda

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“The Bank of Japan is ‘very interested’ in the online virtual currency Bitcoin, Governor Haruhiko Kuroda said Friday.  The central bank’s Institute of Monetary and Economic Studies is studying it, Kuroda said at a regular news conference.  ‘Compared with traditional ways of money transfers and existing electronic money, Bitcoin has both similar and different aspects,’ Kuroda said.  Central banks around the world are closely watching Bitcoin, the value of which has been swinging wildly due to speculative trading.  The BOJ currently has no plans to take action on the situation surrounding Bitcoin, Kuroda said.”

http://jen.jiji.com/jc/eng?g=eco&k=2013122000949

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Singapore government decides not to interfere with Bitcoin

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“The Monetary Authority of Singapore (MAS), the country’s central bank, has decided not to intervene on whether businesses can accept Bitcoin as a means of transacting goods and services.  ‘Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,’ it told Singapore-based Bitcoin trading platform Coin Republic in an email. Singapore is one of the world’s top finanacial hubs that is increasingly seen as a challenger to Switzerland’s private baking dominance.  The last time MAS issued a statement on Bitcoin was in September, when it warned speculators about the risks of trading the cryptocurrency.”

http://www.techinasia.com/singapore-government-decides-interfere-bitcoin/

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Inside Hong Kong’s biggest Bitcoin mine

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“In an industrial backwater near Hong Kong’s massive port, one of Asia’s largest Bitcoin mines is quietly turning raw computing power into digital currency.  Located about eight miles from the city’s finance hub, the entire facility is no larger than a two-bedroom apartment. Aside from a small bathroom, the mine offers no creature comforts.  It is dominated by vertical racks that house hundreds of ASIC chips. Shorthand for application-specific integrated circuits, these chips are custom-built to mine bitcoins. You might be wondering what a Bitcoin mine does, exactly. Click ahead!”

http://money.cnn.com/gallery/technology/2013/12/17/bitcoin-mine/

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Trade in Bitcoins gains currency among youth in Mumbai

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“Move over Dalal Street, Generation Y is more interested in Bitcoin trading. A quick glance at a Bitcoin portal like localbit.com, which brings together local buyers and sellers, shows that Mumbai is very active on the scene.  ‘Mining of Bitcoins continues to be predominant in tech cities like Bangalore or Hyderabad, but Mumbai is fast catching up,’ says a city-based Bitcoin trader. He admits to making cash profits of several thousand during the last few months on sale of Bitcoins. A large portion of the trade happens through online exchanges and funds flow from the buyer to seller via proper banking channels.”

http://articles.timesofindia.indiatimes.com/2013-12-15/internet/45215410_1_mtgox-bitcoin-transactions-currency

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