Tag Archives: China

Bitcoin Value Sinks After Chinese Exchange Blocked

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“China’s biggest Bitcoin exchange was forced to stop accepting deposits in the Chinese currency on Wednesday, sending the price of the virtual money tumbling in one of its biggest markets globally.  The development comes less than two weeks after China’s central bank and four other government agencies that regulate finance and technology issued a joint announcement banning Chinese financial institutions from dealing in the virtual currency.  By Wednesday evening, the Shanghai-based BTC was quoting Bitcoins at about 2,300 renminbi, or about $380, apiece. That was nearly 40 percent lower than where they had traded on Tuesday.”

http://www.nytimes.com/2013/12/19/business/international/china-bitcoin-exchange-ends-renminbi-deposits.html

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Bitcoin Falls 20% on PBOC Rumors, Chinese Exchanges Reinstate Fees

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“BTC China and OKCoin, China’s two largest exchanges by volume, both eliminated the free trading they’ve offered for most of the past two months.  CNY exchanges likely also saw significant capital flight yesterday as traders looked to secure their funds before payment processors remove their ability to transact seamlessly. If the rumors turn out to be unfounded, the discount of CNY markets relative to USD would likely trend closer the norm over time.  Yesterday was one of the few days in the past six weeks where USD volume outpaced CNY. Notably, the same also occurred on December 6, following the original PBOC announcement.”

http://thegenesisblock.com/bitcoin-falls-20-pboc-rumors-chinese-exchanges-reinstate-fees/

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Bitcoin Cafe: Wired and Spending in China

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“As China becomes the world’s largest Bitcoin market, Bloomberg’s Christine Hah visits a Beijing cafe where China’s enthusiasts congregate and create strategies for using the digital currency.”

http://www.bloomberg.com/video/bitcoin-cafe-wired-and-spending-in-china-fOyr8UW_RAO6PfP6kXSUTg.html

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China Bitcoin Crackdown Intensifies

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“The People’s Bank of China has issued a new ban on third-party payment processors from doing business with Bitcoin exchanges.  Bitcoin prices on the yuan-traded BTC China exchange are down 34% on the news, and prices on the USD-traded Mt. Gox exchange were flirting with $700 all night. Mt. Gox prices were off 19% on the day.  The latest ban is a a separate regulation from the People’s Bank of China’s Dec. 5 ruling barring formal financial institutions from processing Bitcoin. Rui Ma, a China-based angel investor, commented that if the crackdown continues, Chinese may only be able to purchase Bitcoins via miners or other traders.”

http://www.businessinsider.com/china-bitcoin-crackdown-intensifies-2013-12

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China Bans Payment Companies Working With Bitcoin Exchanges?

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“Sources close to China’s Central Bank today reported that the institution has banned third-party payment companies from doing business with bitcoin exchanges.  A reputable source told CoinDesk that the People’s Bank of China (PBOC) met with most of the top third-party payment companies this morning.  The source said the meeting topic was unrelated to bitcoin, but digital currency became an important part of the discussion. ‘PBOC, in no uncertain terms, directed third-party payment companies not to do business with bitcoin exchanges in China,’ they explained.”

http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/

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Baidu-owned Hao123 Launches Dedicated Bitcoin News Portal

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“There were signs of bitcoin life from Chinese internet giant Baidu this week: Hao123, one of its subsidiaries and China’s largest web directory, launched a dedicated bitcoin channel and news aggregator for bitcoin-related stories.  As well as headlines for all the latest bitcoin news, the new site also features a chart with all the latest bitcoin (and even litecoin) exchange rates in Chinese yuan from the leading exchanges.  There is a timeline of major events in the history of the world’s first cryptocurrency, starting from ‘January 3rd 2009: Satoshi Nakamoto mined the first 50 Bitcoins on a server located in Helsinki, Finland,’ and ending with ‘Future: ?’  Alexa ranks Hao123′s traffic 17th globally and 5th in China.”

http://www.coindesk.com/baidu-hao123-launches-bitcoin-news-portal/

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BTC China Reports 10x Volume Increase From $5m to $50 million

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“It was representatives from BTC China who stole the show at day two of the Inside Bitcoins conference in Las Vegas, Nevada.  Bobby Lee, CEO of BTC China and Malcom CasSelle of Timeline Labs had a number of interesting things to say on the subject. ‘Trading volume has risen from $5m to $50m,’ Lee said about BTC China’s trading platform. Both Lee and CasSelle expect this growth to continue. CasSelle disclosed: ‘We’re transacting 150,000 BTC per day.'”

http://www.coindesk.com/inside-bitcoins-btc-china-increase-trading/

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China bitcoin arbitrage ends as traders work around capital controls

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“The price gap between bitcoins trading in Chinese yuan and those sold for other currencies has evaporated in recent days, highlighting the porous nature of China’s capital controls.  A key driver of the price gap was China’s capital controls, which make it difficult for speculators to swap yuan proceeds from the sale of high-priced Chinese bitcoins into dollars.  Analysts say the price convergence also reflects the rapid evolution of the bitcoin market, which began with technology enthusiasts but quickly expanded to include those with the financial know-how to evade China’s strict capital controls.”

http://www.reuters.com/article/2013/12/11/us-china-bitcoin-idUSBRE9BA0B020131211

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Stanford Seminar – BTC: Bitcoin, a New Value Chain in China

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“BTC: Bitcoin, a New Value Chain in China -Bobby C. Lee, BTC China.  Topics in International Technology Management: ‘New Value Chains and the Rise of Open Innovation in Asia.’ This series examines the impact of new technologies on industry value chains. Focus is placed on Silicon Valley-Asia connections and on the processes of open innovation that are co-evolving with the new value chains. Lectures feature distinguished speakers from industry and government.”

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China’s biggest jeweller sees gold in the masses

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“The world’s most valuable jewellery retailer Chow Tai Fook, which counts Cartier and Tiffany & Co as competitors, is on a quest to conquer the hearts of China’s future big spenders. Its weapons of choice: Hello Kitty and Winnie the Pooh.  Superman and the Angry Birds team also feature in its range of fashionable, and affordable, pieces which the company hopes will win over the millions of Chinese who live outside major cities but who are reaping the benefits of a rapidly growing economy and who remain enamoured by the gleam of gold.  Chow Tai Fook saw its net profit rise by a forecast-beating 92.3 percent in the six months ended September, with same-store sales growing 33.2 percent.”

http://www.reuters.com/article/2013/12/06/china-chowtaifook-idUSL4N0JG07220131206

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