Tag Archives: China

China central bank warns banks against use of bitcoin

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“China’s central bank warned on Thursday that financial institutions should not trade the digital currency bitcoin, saying that while it does not yet pose a threat to China’s financial system, it carries risks.  The central bank also said in a statement on its website that it would act to prevent money laundering risks from bitcoin, a prominent digital currency that is not backed by a government or central bank.  The PBOC will require trading platforms that deal in virtual currencies such as bitcoin to register with telecommunications authorities, it said. The central bank did allow that ordinary individuals were free to use bitcoin, so long as they take on the risk themselves.”

http://in.reuters.com/article/2013/12/05/china-bitcoin-idINDEE9B405S20131205

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Meet China’s Biggest Bitcoin Multi-Millionaire

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“Li Xiaolai is perhaps the most famous figure in the Chinese bitcoin world.  Li admitted on one occasion that his bitcoin holdings are a six digit amount.  Li, 41, studied accounting at college. Following graduation he worked as a salesman, and later as an English teacher. Li said on one occasion that English teaching is really just a type of sales in China: with millions of young Chinese aspiring to go abroad, English teaching is essentially selling a dream.  Li said that he owns no real estate and no car, his assets are almost all virtual. ‘This is the first time in history that human beings have found a way to ensure the inviolability of personal property,’ said Li in a celebratory tone.”

http://www.coindesk.com/chinas-bitcoin-millionaire/

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Alberta woman willing to trade $1-million property for Bitcoins

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“A $1-million acreage on the outskirts of Red Deer, Alta., has become the largest property in Canada yet to be offered up for Bitcoins, the digital currency unregulated by any country or central bank.  Located at 37546 Gasoline Alley on the outskirts of Red Deer, the 1.3 hectare property includes a four-bedroom, two-bathroom home complete with greenhouse, a secret room accessible via a walk-through closet and a private forest. Ms. Kander is a well-known figure in central Alberta real estate circles and the owner of 11 other properties in the region.  With Bitcoin demand surging in China, the offer is aimed at Chinese real estate speculators on the lookout for Alberta development properties.”

http://news.nationalpost.com/2013/12/04/alberta-woman-willing-to-trade-1-million-property-for-bitcoins-the-volatile-new-digital-currency/

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Two Japanese airlines to disregard China air zone rules

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“Two of Japan’s biggest airlines have agreed to abide by a government request not to implement China’s new air defence zone rules, officials say.  All Nippon Airlines and Japan Airlines say that they will stop filing flight plans demanded by China on routes through the zone, set up on Saturday.  Japan says that China’s new air defence identification zone are ‘not valid at all’ and should be disregarded.  The zone includes disputed islands known as Senkaku in Japan and Diaoyu in China. Taiwan also claims the islands, which are controlled by Japan.  Part of the zone also overlaps with a submerged rock claimed by South Korea.”

http://www.bbc.co.uk/news/world-asia-25087793

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Proposals announced to boost Shanghai Free Trade Zone

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“In a six-page report that included 30 detailed instructions, the People’s Bank of China said yesterday it would allow residents of the zone – seen as a test bed for liberalising the financial sector – to set up ‘resident free trade accounts’ in both domestic and foreign currencies, and would allow yuan to be fully convertible under those accounts ‘when the time is ripe’.  The 29 sq km zone, the first of its kind on the mainland, was set up two months ago and the guidelines suggest it will offer benefits that Beijing has been reluctant to offer other pilot areas.  For example, ‘qualified’ individual investors will be able to make various foreign investments, including trading overseas securities.”

http://www.scmp.com/business/economy/article/1371388/proposals-announced-boost-shanghai-free-trade-zone

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Rothschild: ‘China’s rich always ask how to keep wealth in the family’

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“Ariane de Rothschild, who ranks second only to her husband, Benjamin, at the legendary financial dynasty’s Edmond de Rothschild Group, says rich Chinese friends and clients ask her the same question whenever she visits the mainland: how can you keep your family wealth for generation after generation?  The group’s vice-chairwoman, who was born in El Salvador, educated in the U.S. and lives in Geneva, said the question raised by many rich Chinese families, which had gathered their wealth rapidly in the past two to three decades, or even in just a few years as part of the national economic growth story, reflected the urgent need for those families to get to the real meaning of being wealthy.”

http://www.scmp.com/business/banking-finance/article/1370541/ariane-de-rothschild-meaning-life-beyond-money

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Chinese State-Owned Telecom Accepts Bitcoin

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“Jiangsu Telecom, a branch of China Telecom, the largest fixed line service and 3rd largest mobile telecommunication provider in China, recently announced itsdecision to accept Bitcoin for one of its promotion campaigns.  Although there is no official statement from the government about the legal status of Bitcoin, one can still sense the supportive attitude from every hint released by different parties related to the government. The decision made by Jiangsu Telecom, a branch of one of China’s key state-owned-enterprise (SOE), to accept Bitcoin can be considered as one more important hint from the government.”

http://bitcoinmagazine.com/8619/chinese-state-owned-telecom-accepts-bitcoin/

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Chinese yuan dominates global bitcoin trade

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“As of Tuesday noon, around 58 per cent of the global trade during the preceding 24-hours occurred on exchanges trading the Chinese national currency, according to the open-source research project BitcoinAverage.  According to the aggregator of market data, China’s trading volume in the period reached 827 million yuan (HK$1 billion). Trades in US dollars account for roughly 37 per cent of global volume. Trades in euros account for slightly less than 2 per cent. No other currency accounts for more than one per cent of trade, according to BitcoinAverage.”

http://www.scmp.com/business/banking-finance/article/1371767/chinese-renminbi-dominates-global-bitcoin-trade-researchers

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China detains Bitcoin fraud suspects

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“Chinese police have detained three people who allegedly operated an online Bitcoin trading platform, shut it down unexpectedly, and vanished with investors’ assets.  An investor surnamed Qiao lost 90,000 yuan (14,669 U.S. dollars) and reported the case to Dongyang police, who started an investigation immediately.  Three suspects were caught in mid-November in southwest China’s Guizhou Province, east China’s Anhui Province and south China’s Shenzhen City.  The other two suspects are a 24-year-old man surnamed Jin, who was in charge of the platform’s daily operations, and a 33-year-old man surnamed Huang, who was responsible for financial management.”

http://www.shanghaidaily.com/article/article_xinhua.aspx?id=184636

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China’s Largest Bitcoin Exchange Seeks Recognition for Currency

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“BTC China, the nation’s largest Bitcoin exchange, has had low-level discussions with regulators seeking recognition of the digital currency that would allow it to be used to buy goods and services in the country.  The company has sought to discuss Bitcoin regulations with officials from agencies including the People’s Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission, BTC China Chief Executive Officer Bobby Lee said in a Nov. 29 interview in Shanghai. It’s not yet been able to arrange any high-level meetings, he said.”

http://www.bloomberg.com/news/2013-12-02/china-s-largest-bitcoin-exchange-seeks-recognition-for-currency.html

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