Tag Archives: China

$4.1m goes missing as Chinese bitcoin trading platform GBL vanishes

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“Bitcoin is surging in China, but the explosion in digital currency trading has been accompanied by possible fraud and theft.  GBL, a Chinese bitcoin trading platform that claimed to be based in Hong Kong, recently shut down – an event that might not be worthy of note had ¥25m ($4.1m) worth of users’ money not disappeared with it. The company appears to have launched in May 2013, with its domain btc-glb.com registered on 9th May and a post later that month by Bitcoin Talk forum user zhaoxianpeng promoting the site.”

http://www.coindesk.com/4-1m-goes-missing-chinese-bitcoin-trading-platform-gbl-vanishes/

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China ‘Singles Day’ has shoppers ready to spend big

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“Chinese consumers will spend on average 1,800 yuan ($295) per person during Double Eleven Shopping Festival, according to AdMaster, an independent third-party digital marketing data analysis and management solution provider.  The Nov 11 online shopping spree in the name of ‘Singles Day’, a celebration for single people, has become China’s most popular annual commercial event and created an e-commerce miracle. Singles Day became 24 hours of crazy online shopping when Alibaba Group, operator of e-commerce platforms Taobao and Tmall, launched its first sales campaign on Nov 11, 2009.”

http://www.chinadailyasia.com/news/2013-11/11/content_15097719.html

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Cyprus stock market woos Chinese listings

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“Shattered by an international bailout that stripped it of 80 per cent of its turnover, Cyprus’ stock exchange is aiming to be a magnet for Chinese firms seeking a foothold in Europe.  The bourse’s lesser-regulated Emerging Market has 16 firms listed with a capitalisation of €702 million, including one with Chinese investors.  Metaxas said bourse authorities had given preliminary approval for a second Chinese listing and the listing application of a third would be discussed at a board meeting this month.  Chinese firms were attracted by a lack of red tape, ease of access to key officials, Cyprus’ euro-zone membership and the absence of a capital gains tax on share transfers, Metaxas said.”

http://www.scmp.com/business/money/markets-investing/article/1332580/cyprus-stock-market-woos-chinese-listings

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China Says It Will Stop Taking Organs From Executed Inmates

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“China says it plans to phase out the harvesting of organs from executed prisoners, ending a controversial practice that reportedly supplies most of the country’s transplant patients.  Beginning in November, China will scale back and eliminate the harvesting of inmate organs. Huang says that will be replaced by a nationwide voluntary donor system.  For years, Beijing denied that it routinely took organs from executed prisoners before finally acknowledging it a few years ago.  Although the number of executed prisoners is a state secret in China, human rights groups estimate the country executes thousands of people each year.”

http://www.npr.org/blogs/thetwo-way/2013/08/16/212585522/china-says-it-will-stop-taking-organs-from-executed-inmates

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From Walmart To Bitcoin: The CEO Behind The Chinese Exchange

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“Lee describes himself as a global citizen. Chinese-American, he was born in Africa; his entrepreneurial parents ran a flip-flop factory in the Ivory Coast. He went to New Jersey for boarding school, then Stanford for college. An engineer by training, he worked on social networking before it exploded (at Yahoo! Groups), then moved to China seven years ago to work on the cloud (at EMC) and then digital entertainment (at BesTV, a Chinese company) before being poached by Walmart China to be its VP of technology as it launched an e-commerce operation there. Lee decided in September 2012 that he wanted to start his own business rather than work for another big company.”

http://www.forbes.com/sites/kashmirhill/2013/11/08/from-walmart-to-bitcoin-the-ceo-behind-the-chinese-exchange-sending-bitcoin-to-new-highs/

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8BTC Interview with BTCChina

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“Someone did an investigation about this industry before and concluded that more than half [of the] companies would cease operation within one year. That’s why we keep promising our customers that we are doing a long-term business. In 2011 there were three exchanges while now only one (BTCC) [is] left. You can see there are a lot more exchanges established this year and we believe half of them will disappear. Some may lack proper management and some have malicious fraud. We are always trying to make money by doing the right thing. That’s also what we would like to deliver through this interview.”

http://bitcoinmagazine.com/8055/8btc-interview-with-btcchina/

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Chinese can now buy real estate with Bitcoin

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“Bitcoin acceptance in China has now extended into real estate with a residential developer in Zhangjiang Hi-Tech park in Shanghai finding a new way to promote sales through the acceptance of Bitcoin virtual currency.  Shanda Group, one of the large IT giants in China, through its real estate development arm, opened sales of its first real estate investment project on October 25th, 2013. 300 apartments in the soon to be built buildings ranging from 42-81sqm were available for sale and sold out in a few minutes as demand far outstripped supply.  As part of the promotion, Shanda accepted Bitcoins for payment.”

http://www.finextra.com/Community/FullBlog.aspx?blogid=8475

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Bitcoin is back: Online currency gaining traction

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“According to Nicholas Colas, chief market strategist at ConvergEx, two key drivers are behind bitcoin’s recent move.  The first is increased demand from China. Big companies there, including the search giant Baidu.com, accept bitcoins for payment. The second is the strong demand for SecondMarket’s recently launched the Bitcoin Investment Trust. SecondMarket CEO Barry Silbert acknowledged that demand for the trust is running ahead of schedule. It has taken in $15 million from institutional and high-net-worth investors, exceeding the year-end goal of $10 million, he said.”

http://www.cnbc.com/id/101176614

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Premeditation of Currency Wars

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“The BRICs system of finance is entirely Western, starting with its central banking and continuing via its banking interests that are inevitably part of the larger fabric of Anglosphere finance. If those in charge of Western finance really did not want the BRICs – including China – to create an alternative to the dollar, it likely wouldn’t happen. But it is happening. The dollar has been destabilized and the BRICs and China offer alternative currencies that are supposedly seen as ‘stronger.’ Jim Rogers, for instance – a respected voice in commodities and a commentator we’ve often interviewed – believes the yuan could appreciate 500 percent against the dollar in the next few years.”

http://www.thedailybell.com/news-analysis/34728/Premeditation-of-Currency-Wars/

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Mongolia pushing for rail, pipeline links with China, Russia, official says

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“Mongolia has agreed to establish a working group with China to oversee the construction of new road, rail and pipeline infrastructure connecting the two countries with Russia, a member of a Mongolian government delegation to Beijing said.  The official, speaking to Reuters on condition of anonymity, said landlocked Mongolia aimed to become a ‘transit corridor’ to facilitate trade between its two giant neighbours and reduce the costs of delivering Russian commodities like oil and natural gas to energy-hungry Chinese markets.”

http://www.reuters.com/article/2013/10/29/mongolia-china-investment-idUSL3N0II18Y20131029

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