Last week China’s central bank announced the possibility of launching its own digital currency on its official website. What is behind the government's push to launch a digital currency? Control money outflow? Better monitor cash transactions?
So over the past week, the internet has been aflutter with talk of Bitcoin and China again. A March 10th Goldman equity research note entitled 'The Future of Finance' offered a few comments about Bitcoin in China seem to have reignited the debate about Bitcoin's place in the Middle Kingdom. There are a lot of misconceptions out there, we felt we needed to set a few of them straight.
According to the latest hardware specifications of bitcoin mining manufacturers, even with it no longer makes sense for individuals to mine on their own - even in China where electricity is somewhat cheaper. Except if they are willing to wait a long time.
Ripple Labs announced partnerships with two U.S. banks, which will allow their customers to make same-day distributed money transfers at a very low-cost. How about partnering with Chinese banks? Could Ripple in China work with banks in a space where Bitcoin in China has struggled?
Bitcoin has seen its reputation in the eyes of the general public drop following various security breaches (i.e. Mt Gox) that have left many uncertain about the digital currency’s legitimacy and future. In addition, people are starting to question if Bitcoin really has a place in the market and if there is actually a problem that it solves – there is almost a malaise in the eyes of many who are getting tired about reading about it. Although Bitcoin might be hitting headwinds, security enhancements are underway and blockchain technology seems to be thriving.
Seven months after the PBOC's crackdown on bitcoin exchanges in China and we're seeing a resurgence in talk about what Chinese bitcoin exchanges are doing and where they are going. While accusations of falsifying trading data and questions about bitcoin's future in China still abound, China's bitcoin exchanges want to move on and forget the past, but are they going in the right direction?
We are pleased to announce the release of Zennon Kapron's book on the Past, Present and Future of Bitcoin in China. "Chomping at the Bitcoin" will be released on the 25th of August.
After couple of months of low trading volume and little news, BTC China, previously the largest and still one of the most prominent bitcoin exchanges in China has moved the goalposts for other exchanges (and the PBOC!) by launching the first physical Chinese Bitcoin 'ATM' at the IC Coffee Shop in Zhangjiang Hi-tech Park in Shanghai on Tuesday the 15th. In addition to the physical ATM, BTC China released a new mobile Web appcalled “Picasso ATM”, which is actually the main theme of the ATM launch.
On China's supposed bitcoin 'd-day', April 15th, BTCChina launches Shanghai ATM what could be the country's first bitcoin ATM. Kapronasia was onsite on launch day and will have an update tonight on our experience using the ATM.
As Chinese New Year wraps up and people (very!) gradually come back to work in mainland China, we wanted to take a step back and look at where we are with Bitcoin in China for the year of the horse.
It sounds trite if you’ve read my other posts on Bitcoin in China, but ‘wow! What a week it has been for Bitcoin in China’. With the PBOC effectively cutting off (legal) funding of accounts on exchange platforms, is there a future for the currency in China?
Kapronasia began researching Bitcoin in China in August 2013. Our Bitcoin in China report released on September 18th mentioned that in the future there would be two factors that really influence the fate of Bitcoin in China: the Chinese government’s attitude towards Bitcoin and Bitcoin’s acceptance as a method of payment, at least initially, by merchants.