Bitcoin

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 →

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Keiser Report: Bitcoin Battle

"In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the bitcoin price plunge as Baidu ditches the crypto currency and China bans it for financial firms. Unnoticed at the same time, Germany declares bitcoin to be private money and Merrill Lynch claims it can replace money transfer systems like Western Union. In the second half, Max interviews Dr. Christos Vlachos, CFO of the University of Nicosia, which is now accepting bitcoin as payment and he explains how the volatility in the price won't matter to the university. They also discuss Dr. Vlachos' hope to turn Cyprus into a bitcoin hub." Continue reading →

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Croatian central bank establishes that Bitcoin is legal in Croatia

"Croatian national bank (CNB) gave its opinion that Bitcoin is legal, and the most notable mention was a piece on Bitcoin that got aired on 19:30 national television news on Monday. CNB took the very liberal stand that echoes European central bank document on virtual currency schemes from October 2012, noting that Bitcoin is not illegal in Croatia. They noted that it is not electronic money since it's not debt to the issuer (although it has some similarities with electronic money), and that it is not legal tender in Croatia but can be legally used." Continue reading →

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World powers react to the Bitcoin boom

"World powers have scrambled in recent weeks to react to the rise of Bitcoin, a decentralised digital currency created in 2009. China banned its banks from providing related services and products on Thursday. Meanwhile, on Thursday the French central bank warned against using Bitcoin, because of its volatility and lack of regulation. However, Bank of America Merrill Lynch said in its first research report on the currency that it had the potential to become a major means of payment for ecommerce and a serious competitor to traditional payment methods." Continue reading →

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Bankers Balking at Bitcoin in U.S. as Real-World Obstacles Mount

"'Banks are scared to deal with Bitcoin companies, even if they really want to,' said Stephen Pair, co-founder and chief technical officer of BitPay Inc., an Atlanta-based company that processes payments for merchants in Bitcoin. Pair said BitPay has relationships with banks in the U.S., Canada and Europe; he declined to name them at the banks’ request. Because of regulatory pressure in the U.S., much of the exchange business has moved to Britain, Japan and China, Jered Kenna, founder of Tradehill, the Bitcoin exchange that lost its bank, said in an interview. LightSpeed Venture Partners announced on Nov. 18 that it would invest $5 million in BTC China." Continue reading →

Continue ReadingBankers Balking at Bitcoin in U.S. as Real-World Obstacles Mount

Bitcoin: China’s New Special Economic Zone

"With the People’s Bank of China’s announcement, the establishment of Bitcoin as yet another one of these areas – the first ever that only exists in cyberspace, has essentially become official. The announcement specifically forbade the existing Chinese banking system from interacting with the Bitcoin economy, but otherwise created an environment for the Bitcoin economy that some have described as even more free than that of Europe. Although exchanges are required to follow know-your-customer guidelines and register with telecommunications authorities, aside from this they do not need any kind of financial license in order to operate. The Bitcoin economy will be allowed to grow." Continue reading →

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Is Bitcoin Becoming the Anti-Dollar?

"It's not impossible to attack Bitcoin, but the effort to do so isn't trivial. Plus, there are ten thousand bright, young, adaptive people working on the technology every day, and their numbers are rising. If these people adapt and cooperate, any attacks will have temporary effects. (Even a full shut-down of the Internet wouldn't stop it for long, but I'll leave that discussion for another time.) If the Chinese, and/or Indians, and/or Russians start using Bitcoin as a way around the dollar, the world will change, and quickly. And that's looking more and more likely. These are interesting times. Those who break their stasis – who act and adapt – will not only thrive, but will find adventure and satisfaction along the way." Continue reading →

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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

Despite panic, China’s regulation of Bitcoin leaves room for optimism

"In the aftermath of the first official statement by the Chinese government regarding Bitcoin, the entrepreneurs in China’s Bitcoin industry are optimistic. As is common in China, the actual extent of these regulations will be worked out over time as the Bitcoin industry develops, giving the government room to respond to new threats. My view is that this notice represents an expected development that encouragingly stops short of more stringent restrictions or an outright ban on Bitcoin’s use, and tomorrow China will still be the biggest potential Bitcoin market in the world." Continue reading →

Continue ReadingDespite panic, China’s regulation of Bitcoin leaves room for optimism