Asia

Reserve Bank of India Issues Virtual Currency Warning

"There are a few exchanges and trading platforms in India and most of them were launched earlier this year. Although they tend to allow users to purchase bitcoin in rupees, none of them appear to have regulatory approval to do so. However, since India does not have digital currency legislation, it is impossible to get such approval, unless Indian regulators decide to apply existing foreign exchange regulations to bitcoin. For now though, India does not have bitcoin regulation and it is unclear whether the RBI’s statement will change anything moving forward." Continue reading →

Continue ReadingReserve Bank of India Issues Virtual Currency Warning

India Central Bank warns against Bitcoin use

"The Reserve Bank of India, on Tuesday, warned the public against the use of virtual currencies such as Bitcoin, pointing out that users expose themselves to potential financial, legal and security related risks. The public advisory comes after the borderless digital currency has begun to gain widespread acceptance in India, despite poor Internet penetration and a natural scepticism to assets not backed by tangible entities such as land. In its list of potential risks, the apex bank highlights problems such as losses arising out of hacking, no sources of customer recourse and the general financial volatility surrounding Bitcoins." Continue reading →

Continue ReadingIndia Central Bank warns against Bitcoin use

Even more smuggled gold enters India

"In the biggest ever catch at the Hyderabad airport, customs officials have seized 18 kilograms of gold and arrested three people. The trio had arrived from Singapore and were hiding the gold bars in their trousers and shoes. In another incident, officials of the customs department recovered gold hidden in dates from a man who landed at the Pune International Airport. Investigation revealed that the seeds of these dates had been replaced with gold beads wrapped in black packets. Gold seizures have almost doubled for the period 2013-2014. Whistleblowers who help bust illegal gold shipments can get a bigger reward in India than those who help catch cocaine and heroin smugglers." Continue reading →

Continue ReadingEven more smuggled gold enters India

Bank of Japan “Very Interested” in Bitcoin: Kuroda

"The Bank of Japan is 'very interested' in the online virtual currency Bitcoin, Governor Haruhiko Kuroda said Friday. The central bank's Institute of Monetary and Economic Studies is studying it, Kuroda said at a regular news conference. 'Compared with traditional ways of money transfers and existing electronic money, Bitcoin has both similar and different aspects,' Kuroda said. Central banks around the world are closely watching Bitcoin, the value of which has been swinging wildly due to speculative trading. The BOJ currently has no plans to take action on the situation surrounding Bitcoin, Kuroda said." Continue reading →

Continue ReadingBank of Japan “Very Interested” in Bitcoin: Kuroda

Singapore government decides not to interfere with Bitcoin

"The Monetary Authority of Singapore (MAS), the country’s central bank, has decided not to intervene on whether businesses can accept Bitcoin as a means of transacting goods and services. 'Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene,' it told Singapore-based Bitcoin trading platform Coin Republic in an email. Singapore is one of the world’s top finanacial hubs that is increasingly seen as a challenger to Switzerland’s private baking dominance. The last time MAS issued a statement on Bitcoin was in September, when it warned speculators about the risks of trading the cryptocurrency." Continue reading →

Continue ReadingSingapore government decides not to interfere with Bitcoin

Korea decides not to recognize Bitcoin as real currency

"Korean financial authorities said Tuesday that they have decided not to recognize Bitcoin, or cyber currency, as a real legal currency. The conclusion came after a week of debate among officials of the Ministry of Strategy and Finance, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service. Officials said Bitcoin, which can be traded between individuals online without going through financial institutions such as banks, does not meet standard regulations governing the transactions of currencies via the Internet or commercial institutions. A Bank of Korea official said the currency has been facing high volatility as it does not have an 'intrinsic value.'" Continue reading →

Continue ReadingKorea decides not to recognize Bitcoin as real currency

Talk of the Day — Bitcoin to be introduced in Taiwan

"Wayi International Digital Entertainment Co. announced Wednesday that its online shopping site Wmall will begin to accept Bitcoin payments next year. The OTC (over-the-counter) market-listed company, which focuses on the research, development and distribution of online games, will be the first Taiwanese company to accept the decentralized virtual currency as a payment tool. Wayi's decision will test the Central Bank of the Republic of China's (CBC's) attitude toward Bitcoin development in Taiwan and its ability to regulate the currency's circulation. CBC Governor Perng Fai-nan said recently that the central bank has been keeping close tabs on the development of Bitcoin." Continue reading →

Continue ReadingTalk of the Day — Bitcoin to be introduced in Taiwan

Bitcoin Awareness Grows in South Korea After Central Bank U-turn

"Kevin Lee is a Seoul-based bitcoin entrepreneur and CEO of BitcoinKorea, South Korea’s first bitcoin business and portal. He has traveled around Asia attending bitcoin-related conferences and meetups, and wants to be instrumental in promoting its use in his native land. He thinks South Korea’s need for digital currency options are similar to China’s: a way to diversify investments and find a way around capital controls. Lee, a friend of Asia-based bitcoin missionary Roger Ver, said the pair will tour South Korea from 8th to 23rd January to spread the word – talking to major news organisations and helping to introduce Kraken, an exchange that launched in the country just last Friday." Continue reading →

Continue ReadingBitcoin Awareness Grows in South Korea After Central Bank U-turn

Bank of Korea Relaxes Negative Stance on Bitcoins

"The BOK said on December 3 that it made a report on bitcoins and is pondering a measure to open the virtual money to the public. The report however includes a negative opinion on the possibility of its use as a future currency. There are no stores in Korea that accept bitcoins except Korbit, which was established in April this year, specifically to facilitate trading in bitcoins. Bitcoins are only used for investment purposes, not for the trade of goods. Under such circumstances, a Paris Baguette in Incheon City started to accept bitcoins and developed a tablet application for bitcoin settlement." Continue reading →

Continue ReadingBank of Korea Relaxes Negative Stance on Bitcoins

Taiwan central bank ‘keeping close tabs’ on Bitcoin

"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." Continue reading →

Continue ReadingTaiwan central bank ‘keeping close tabs’ on Bitcoin