Tag Archives: China

Taiwan central bank ‘keeping close tabs’ on Bitcoin

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“The head of Taiwan’s central bank said Wednesday that the bank is keeping close tabs on the development of Bitcoin, a decentralized virtual currency that approximates cash on the internet.  ‘We have taken note of the development of Bitcoin and have adopted measures to prevent money laundering through its trading,’ said Perng Fai-nan, the governor of the Central Bank.  Ruling Kuomintang Legislator Lu Shiow-yen asked Perng about his view of the bitcoins, which she said are being traded at an exchange rate of 1 to US$590, the highest valued currency in the world.  In response, Perng said Bitcoin is a new kind of money circulating among a specific group of people.”

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131120000120&cid=1102

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Mongolia’s new law expected to attract Chinese billions

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“In October, Mongolia’s parliament approved an investment law that ended different rules for domestic and foreign private investors, and lessened government approval requirements.  The law will take effect on January 1. ‘The new law will spur more Chinese investment in Mongolia,’ said Alisher Ali, managing partner of Silk Road Management, an investment firm focusing on frontier markets. The previous investment law, enacted last year, had a negative impact on Mongolian companies, including those listed in Hong Kong, as it led to uncertainty over foreign ownership of Mongolian assets, Ali said.  The new investment law repealed large chunks of the one in 2012, Ali said.”

http://www.scmp.com/business/china-business/article/1360736/mongolias-new-law-expected-attract-chinese-billions

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Bill Bonner: Gold 2.0

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“Publicly, the feds are playing it cool with bitcoin. Privately, they must be sweating. As we told a small group of Bonner & Partners Family Office members last week at our private meeting in Nicaragua, bitcoin has the potential to be ‘gold 2.0.’ The new virtual money has the potential to destroy the dollar… the Fed… the banks… and the world’s fiat money system.  It could also make gold obsolete. This new money is easier to use and costs nothing to store.  But regulate it? That may be impossible.  Bitcoin is arguably the most disruptive monetary technology yet invented. It could be the biggest financial story since gold. Nothing like it has happened in 6,000 years – an entirely new, better, kind of money.”

http://www.bonnerandpartners.com/gold-2-0/

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Bitcoin a perfect currency, says Chinese investor

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“The former chief technology officer of the Chinese-language online social reading platform Docin, Xu Mingxing, believes bitcoin ‘is a social experiment.’ He is willing to risk losses by investing in the currency, he said.  Xu says he began buying bitcoins in 2012, when one bitcoin was valued at less than US$20. ‘In September this year, the exchange rate of one bitcoin surged to US$900.’  Admitting he began his bitcoin investment on speculation and with the intention of experimenting with them, Xu remarked that he now believes bitcoins are a democratic currency, or a perfect currency in the real world.”

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131119000017&cid=1202

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Why China is Leading the Global Rise of Bitcoin

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“The bitcoin story in China sounds like a mini-metaphor for the Chinese economy itself: while the rest of the world was looking elsewhere, its citizens worked to acquire vast amounts of new wealth before bursting into the headlines only recently as a superpower.  As of this November, China is home to the world’s largest-volume bitcoin exchange (BTC China), some of the largest mining operations, and could well be leading the global rise of bitcoin. It was in May that China surpassed all other countries with 84,000 bitcoin wallet downloads, a world record few noticed.”

http://www.coindesk.com/china-leading-global-rise-bitcoin/

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As China Looms, the U.S. Ponders Ways Not to Destroy Bitcoin

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“Bitcoin is thriving across the internet, particularly overseas, and it could become as important to everyday life as the internet itself.  The value of bitcoins have surged, topping $750 on Monday. But exchanges such as Mt. Gox and Bitstamp, which, although located overseas, have traditionally be driven by US traders, have taken a back seat to the Chinese exchange BTC-China, which has now become the world’s most popular bitcoin exchange.  For regulators here in the U.S., the trick is to control Stateside use of this wildly popular digital currency without choking it all together. Otherwise, the bitcoin world will continue to evolve at expense of our domestic economy.”

http://www.wired.com/wiredenterprise/2013/11/bitcoin_hearing/

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The Future of Bitcoin – Bust, Bubble or Breakthrough?

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“Stefan Molyneux, host of Freedomain Radio, discusses the drivers and possible future of Bitcoin.”

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Jim Rogers: Biggest Event of Next 10-20 Years Just Happened in China

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“The former George Soros partner–who retired from Wall Street at age 37 to live a second life as world traveler—equates the plenum to those in 1978 and 1993. The first followed Mao Zedong’s death and ushered in Deng Xiaoping’s reformist agenda and his effort to remake China’s economy, while 1993’s plenum included a vow to deal with money-losing state enterprises. In the just-concluded gathering, which occurred a year after President Xi Jinping became party chief and was seen as his stage to set forth the agenda for his possible 10-year tenure, reform was hoped to be a big focus. Mr. Rogers, who moved with his family to Singapore seven years ago, senses change is coming.”

http://blogs.wsj.com/moneybeat/2013/11/18/jim-rogers-biggest-event-of-next-10-20-years-just-happened-in-china/

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China’s economic reforms: What you need to know

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“China late on Friday unveiled details of the long-term economic reforms agreed to at this month’s Third Plenum, a key meeting of the country’s top leaders.  The 60-point reform plan is seen paving the way for sweeping changes in the world’s second-biggest economy as it tries to steer away from investment-led growth to a consumption-driven economy.  Here’s what you need to know about the main reforms.  1) One-child policy relaxed; 2) Welfare-system reformed; 3) Greater rights for farmers; 4) Stepping up financial reforms; 5) State-Owned Enterprises (SOEs).”

http://www.cnbc.com/id/101205322

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China lifts curtain on landmark reform agenda

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“Beijing’s plan calls for opening its financial markets and promoting greater foreign investment. The document also hints at changes in how companies file for stock market listings, the introduction of a bank deposit insurance scheme and an acceleration of interest rate liberalization. The roadmap seeks to roll back government control of state-owned enterprises and allow for greater competition with private firms and reform the country’s hukou system, which affects everything from employment to social benefits. Other initiatives tackle China’s pollution problem, promote social security programs, and call for a relaxation of the one-child policy.  The plan also seeks to abolish labor camps.”

http://money.cnn.com/2013/11/18/news/economy/china-reform/

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