Tag Archives: Asia

Entertainment Company Wayi to Become Taiwan’s First Bitcoin Exchange

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“Taiwanese digital entertainment company Wayi is aiming to become Taiwan’s first bitcoin exchange, and announced it will soon begin accepting bitcoin as a payment option on its shopping site.  Once it has accumulated a bitcoin supply, the company will start its exchange service, charging customers a 3% fee to trade in their cash. Customers will also be able to exchange their bitcoins back into local currency through digital exchange centers.  In response to the statement, the company’s stock price rallied, reaching the 7% daily upper limit allowed by the Taiwan Stock Exchange.”

http://www.coindesk.com/wayi-taiwan-first-bitcoin-exchange/

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Korea Today – Bitcoin: Currency for the future?

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“Bitcoin is an open source peer-to-peer payment network and digital currency introduced in 2009 by pseudonymous developer ‘Satoshi Nakamoto’. How does it work and can it replace existing currencies? We try the new, digital cryptocurrency at Korea’s first shop that accepts bitcoin!”

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Bitcoin Fever Catches on in India

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“Last week, a beauty salon in the north India town of Chandigarh said it would accept bitcoins as payment for its services. Nisha Singh, owner of CastleBloom Beauty Bar, says she wanted to give her customers another payment option and also attract publicity for being one of the first Indian stores to accept bitcoins.  Devansh Agarwal, a 22-year-old undergraduate student of engineering in a small town named Jamshedpur in eastern India, says he is trying to set up his own bitcoin exchange.  Mr. Agarwal bought his first bitcoins in July with prize money won in college quiz competitions. He says his 100,000-rupee ($1,640) investment in bitcoins is now worth one million rupees ($16,400).”

http://blogs.wsj.com/indiarealtime/2013/12/12/bitcoin-fever-catches-on-in-india/

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Korea decides not to recognize Bitcoin as real currency

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“Korean financial authorities said Tuesday that they have decided not to recognize Bitcoin, or cyber currency, as a real legal currency.  The conclusion came after a week of debate among officials of the Ministry of Strategy and Finance, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service.  Officials said Bitcoin, which can be traded between individuals online without going through financial institutions such as banks, does not meet standard regulations governing the transactions of currencies via the Internet or commercial institutions.  A Bank of Korea official said the currency has been facing high volatility as it does not have an ‘intrinsic value.'”

http://www.koreaherald.com/view.php?ud=20131210000673

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Talk of the Day — Bitcoin to be introduced in Taiwan

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“Wayi International Digital Entertainment Co. announced Wednesday that its online shopping site Wmall will begin to accept Bitcoin payments next year.  The OTC (over-the-counter) market-listed company, which focuses on the research, development and distribution of online games, will be the first Taiwanese company to accept the decentralized virtual currency as a payment tool.  Wayi’s decision will test the Central Bank of the Republic of China’s (CBC’s) attitude toward Bitcoin development in Taiwan and its ability to regulate the currency’s circulation.  CBC Governor Perng Fai-nan said recently that the central bank has been keeping close tabs on the development of Bitcoin.”

http://focustaiwan.tw/news/atod/201312110039.aspx

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Bitcoin may threaten Kazakhstan’s financial stability: finance minister

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“‘People transfer this digital money to each other by just clicking a button — without having to use any bank services or pay remunerations for the transactions. The transfers are instant and almost completely free of charge. Imagine large corporations switching to cheap digital transactions, this would leave the bankers seeking another job,’ the Vice-Minister said.  The Bitcoin threat is now being studied now by the relevant committee of Finance Ministry of Kazakhstan. According to the Ministry, the means of payment is not covered by Kazakhstan’s law On counting legalization (laundering) of illegally obtained incomes and funding of terrorism.”

http://en.tengrinews.kz/finance/Bitcoin-may-threaten-Kazakhstans-financial-stability-Dalenov-24586/

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Kyle Bass: “Everyone ‘Beggaring Thy Neighbor’; Will Be Consequences”

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“‘There are going to be consequences to central bank balance sheet expansion all over the world,’ Kyle Bass tells Steven Drobny in his new book, The New House of Money, adding ‘It’s a beggar-thy-neighbor policy, but everyone is beggaring thy neighbor.’ The Texan remains concerned at QE’s effects on wealth inequality and worries that ‘at some point this is going to ignite and set cost pressures off.’ While Gold-in-JPY is his recommended trade for non-clients, his hugely convex trades on Japan’s eventual collapse remain as he explains the endgame for his thesis, ‘won’t buy back until JPY is at 350,’ and fears ‘the logical conclusion is war.'”

http://www.zerohedge.com/news/2013-12-05/kyle-bass-warns-when-everyone-beggaring-thy-neighbor-there-will-be-consequences

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Bangalore to host India’s first Bitcoin conference

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“Next month, India’s tech capital will demonstrate the country is no bit player when it comes to virtual currency Bitcoins. On December 14 and 15, Bangalore will host India’s first and Asia’s second global Bitcoin conference, demonstrating the steady rise in popularity of money minted in cyberspace.  Investors and venture capitalists are expected to attend the event, which will also see participation from the Reserve Bank of India as well as State Bank of India, the largest public sector lender. In August, ET had reported that RBI was watching and learning about Bitcoins but had no intention of regulating it.”

http://timesofindia.indiatimes.com/tech/tech-news/internet/Bangalore-to-host-Indias-first-Bitcoin-conference/articleshow/26410751.cms

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India Wakes Up to Bitcoin

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“How widespread is adoption? The WSJ reported that India ranks in the top thirty Bitcoin-using countries. According to The Genesis Block, Indian Bitcoin software downloads increased 17.23% in the third quarter and this is nearly double the average rate of growth in Bitcoin downloads registered by the other thirty countries. There are an 30,000 Bitcoin users in India, at least according to community estimates. The actual number could be far more.  For entrepreneurs like Sathvik Vishwanath, who runs CoinMonk, a Bitcoin mining startup based in Bangalore, the opportunity is just beginning to gain momentum in India.”

http://techcrunch.com/2013/12/03/india-wakes-up-to-bitcoin/

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India Could Be The Next Booming Market For Bitcoin

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“Purchase bitcoins inside India for rupees, place them on a USB stick, board plane to wherever and then sell the bitcoins for whatever the local cash of your choice is. We can tell that this has been happening in China because the local price of bitcoins is higher than the international price. There must therefore be a high demand inside the country.  If I were a tech savvy entrepreneur in India I think this is an area that I would look at a lot more closely. An exchange offering bitcoin locally. And of course I would never go around telling people that this would be the way to get money out of India, out of the rupee. But I have a feeling that the idea would catch on pretty quickly.”

http://www.forbes.com/sites/timworstall/2013/12/04/india-could-be-the-next-booming-market-for-bitcoin/

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