Tag Archives: China

In Hong Kong, Placing Their Bets on Bitcoin

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“By day, David Shin is an investment banker at a major financial firm. By night and in pretty much every other free minute, he is an entrepreneur looking to break into Hong Kong’s growing Bitcoin scene.  Even as concerns swirl about the long-term viability of the virtual currency, Mr. Shin is raising money, courting clients and hiring staff to build a sort of stock exchange for Bitcoin-oriented companies. Mr. Shin, 38, plans to start his venture, CryptoMex, at the end of April.  He and his business partners built IceDrill, an operation in Montreal where racks of speedy computers race to generate Bitcoin. But he is now selling part of his stake in the Canadian mine and focusing on his start-up in Hong Kong.”

http://dealbook.nytimes.com/2014/03/19/in-hong-kong-betting-big-on-bitcoin/?_r=0

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Google is encrypting search globally, against NSA and China’s censors.

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“Google has begun routinely encrypting Web searches conducted in China, posing a bold new challenge to that nation’s powerful system for censoring the Internet and tracking what individual users are viewing online.  The company says the move is part of a global expansion of privacy technology designed to thwart surveillance by government intelligence agencies, police and hackers who, with widely available tools, can view e-mails, search queries and video chats when that content is unprotected.  The development is the latest consequence of Edward Snowden’s release last year of NSA documents detailing the extent of government surveillance of the Internet.”

http://www.washingtonpost.com/blogs/the-switch/wp/2014/03/12/google-is-encrypting-search-worldwide-thats-bad-for-the-nsa-and-china/

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Chinese Authorities Halt Virtual Credit Card Payments

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“The PBOC issued a statement today, according to 21st Century Business Herald, that halts virtual credit card products and ‘face-to-face’ payment services such as QR code payment.”

http://www.zerohedge.com/news/2014-03-13/chinese-authorities-halt-virtual-credit-card-payments-tencent-yahoo-crashing

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China February exports tumble unexpectedly

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“China’s exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world’s second-largest economy despite the Lunar New Year holidays being blamed for the slide.  The sharp drop in exports follows a series of factory surveys since the start of 2014 that point to weakness in economic activity as demand falters at home and abroad.  Exports in February fell 18.1 percent from a year earlier, following a 10.6 percent jump in January.  That compares with market expectations in a Reuters poll of a rise of 6.8 percent in exports.”

http://www.reuters.com/article/2014/03/10/us-china-economy-trade-idUSBREA2705S20140310

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Are giant bubbles the key to beating Beijing’s pollution?

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“As Asia struggle with an ever increasing pollution problem, one firm believes a project that sounds like the plot of a sci-fi film could bring relief.  Orproject, a London design agency, wants to build a park enclosed in a giant ‘bubble’ – and says school playgrounds could be enclosed in smaller versions of the clean air system.  The park would contain a large botanical garden, and be completely sealed from the outside world, with perfectly clean air being pumped into it.  Electricity for the project can be generated by solar cells integrated into the canopy surface, and the heating and cooling of the air is done through a ground source heat exchange system.”

http://www.dailymail.co.uk/sciencetech/article-2569782/Are-giant-bubbles-key-beating-Beijings-pollution-firm-says-structures-protect-residents.html

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Hong Kong’s first bitcoin shop opens in Sai Ying Pun

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“The 400 sq ft shop in Sai Ying Pun, in Hong Kong Island’s Western district, is the brainchild of Asia Nexgen Bitcoin Exchange.  ‘The biggest issue people have right now is buying the bitcoin. People have to put money in, trade it through an exchange online,’ which takes time, said Lo Ken-bon, the co-founder and chief executive of Asia Nexgen.  ‘Now, you walk into the store, hand over your cash and send the bitcoin to your digital wallet.’  Bitcoin enthusiasts will be asked to provide an identity card and proof of address, to comply with Customs and Excise rules on money laundering.  A trio of start-ups are racing to install the city’s first bitcoin automated teller machine.”

http://www.scmp.com/business/banking-finance/article/1433555/hong-kongs-first-bitcoin-shop-open-week-sai-ying-pun

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Mt. Gox falls, but China is seeing a bitcoin ‘gold rush’

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“Beijing-based Huobi.com, China’s largest bitcoin exchange, saw its daily trading volume surge to 69% of the world’s total trading volume. This made Huobi the largest trading platform in the world by volume, according to latest statistics of Bitcoinity, a bitcoin rate tracking service site.  China’s central bank in December ordered financial institutions not to provide bitcoin-related services and products, but the tightening measures seem to have proved unsuccessful in curbing investors’ interest for long.”

http://blogs.marketwatch.com/thetell/2014/02/28/mt-gox-falls-but-china-is-seeing-a-bitcoin-gold-rush/

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Zimbabwe central bank opens market to competing currencies

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“Once known for its billion dollar notes and hyper-inflation, Zimbabwe must be the only place in the world to have eight currencies as legal tender – none of them its own.  For the last five years most people have been using US dollars or South African rand, but pula from Botswana and British pound sterling have also been changing hands.  Now the central bank is also allowing the use of Australian dollars, Chinese yuan, Indian rupees and Japanese yen.  For the moment, customers can open bank accounts in these currencies but the hard cash is not yet in circulation.”

http://www.bbc.co.uk/news/world-africa-26034078

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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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