Bitcoin strikes chord with Asia’s younger, tech-savvy generation
Future for Bitcoin in Asia seems encouraging, although mass adoption hinges on wider acceptance by people, merchants and online shop owners. October 04, 2013 | Magessan RajThe Thai government’s decision to ban all Bitcoin activity domestically in July 2013, without clearly stating why, would no doubt have raised quite a few eyebrows, following the virtual currency’s explosive growth earlier this year. According to a statement by Thailand-based Bitcoin Co., officials from the Foreign Exchange Administration and Policy Department cited a lack of “applicable laws, capital controls, and the fact that Bitcoin straddles multiple financial facets”, before forcing the company to suspend a majority of its activities. The first country to outright declare Bitcoin activities illegal, Thailand’s declaration has barely contained the currency’s burgeoning popularity in Asia, especially so in China. Ranked as the second largest active Bitcoin market globally in February 2013, China even went on to briefly overtake the US in monthly creation of Bitcoins in May. This has attracted new Bitcoin-based businesses to China and what could be a massive market for the developing virtual currency. An example is Labcoin, a virtual mining equipment firm which began trading its shares in September on an online exchange with a market value of 20,000 Bitcoins, or about $2.9 million in value. Another company, Myminer, operates mining farms in China, while BTCChina.com, China’s most popular Bitcoin exchange, lets traders use the payment systems of more established companies, including Tencent and Alipay to buy and sell the virtual currency. While actual Bitcoin transactions to purchase goods or services have so far proved limited elsewhere in the world – most Bitcoins are mined, and then bought or sold for speculation – online Bitcoin transactions are developing in China, where the currency is accepted by some merchants on Taobao (China’s version of ebay) or can be used to recharge mobile phones. China is no stranger to virtual currencies, having seen launch of Q-coin by Tencent in 2002. Originally desi... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: China, Innovation, Payments, Singapore, Technology & Operations, Transaction BankingChina,Innovation,Payments,Singapore,technology,Transaction Banking, China,Innovation,Payments,Singapore,Technology & Operations,Transaction Banking, Keywords:Bitcoin, Labcoin, Myminer, BTCChina.com, Tencent, Alipay, Q-coin, Asia Nexgen, GoCoin, MAS Bitcoin, Labcoin, Myminer, BTCChina.com, Tencent, Alipay, Q-coin, Asia Nexgen, GoCoin, MAS
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