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Another reminder that close to China, besides hong kong there is also taiwan who has its own infrastructure! Wayi’s Wmall plans to support bitcoins in 2014. (HK has its Li Ka Shing for bitcoins)

Also a taiwan media article on bitcoin companies thriving in china. It talks about the different exchanges such as huobi, btcchina and okcoin.

China now has close to 10 bitcoin trading platforms, the more influential of which are BTC China, BTC Trade, Huobi and OKcoin.

BTC China secured a loan in the middle of this year for US$5 million from Lightspeed Venture Partners; OKcoin has secured funds from angel investors including Mai Gang, founder of Ventures Lab; and Huobi in November secured an investment from an unspecified investor in the internet business.

For instance, US-based Coinbase — which offers a trading platform for bitcoins and an electronic wallet service — recently secured investments from companies including US research and venture capital organization International Data Group in the middle of the year.

Another US company, bitcoin payment processor BitPay, has announced receiving an unspecified investment following receipt of an earlier US$2 million sum in the middle of the year.

Hong Kong-based investment and venture capital firm Horizons Ventures, owned by Hong Kong business magnate Li Ka-shing, has reportedly also made an investment in BitPay.

http://news.asiaone.com/news/asia/taiwan-competitors-aim-capitalise-bitcoin-ban-china

Taiwan competitors aim to capitalise on Bitcoin ban in China

Ted Chen

Sunday, Dec 29, 2013

TAIPEI, Taiwan – Following the announcement by the Chinese central bank that Bitcoin would not be permitted as legal tender, a Taiwanese company has stepped up efforts to capitalize on the vast mainland market’s potential electronic commerce revenues denominated in the fledgling digital currency.

The People’s Bank of China stated that it does not recognize Bitcoin as a currency, and that no legal status as tender will be granted to the digital currency. Consequently, no financial institutions or payment processing services may conduct transactions denominated in Bitcoin, in addition to any trading and supplying of the digital currency. Insurance policies that cover Bitcoin as assets are also banned, according to reports.

In light of the digital currency’s fate in the mainland market, Wayi International Digital Entertainment (華義國際) stated its Wmall electronic commerce portal will fully support Bitcoin-denominated transactions beginning next year. According to the company, suppression of the digital currency in China will disperse shoppers toward Taiwan.

According to Wayi, the Bitcoin ban in China will be beneficial to the digital currency’s development internationally, as the ban will significantly curb speculative forces originating from the mainland, contributing to much of the wild volatility it has seen recently. A more stable Bitcoin will better ensure the interests of its users, said the company.

Wayi is also anticipating the multitudes of consumers holding Bitcoin in China, saying that they are expected to flock to its Wmall, based on proximity and the lack of language barrier in comparison to more international platforms. It is highly unlikely that shoppers holding the currency will not seek alternative outlets, remarked Wayi while hinting at an impending windfall of new activity from China-based Bitcoin-using consumers.

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20131216000009&cid=1202

Bitcoin-related companies thriving in China

Businesses dealing with the virtual currency bitcoin have sprouted across China, the most popular being the currency’s trading platforms. Some have secured major investments, according to the Beijing-based Economic Observer.

China now has close to 10 bitcoin trading platforms, the more influential of which are BTC China, BTC Trade, Huobi and OKcoin.

BTC China secured a loan in the middle of this year for US$5 million from Lightspeed Venture Partners; OKcoin has secured funds from angel investors including Mai Gang, founder of Ventures Lab; and Huobi in November secured an investment from an unspecified investor in the internet business.

Li Lin, founder of Huobi, said his trading platform now has more than 200,000 registered users trading bitcoins through the site. His company will specialise in such transactions for the time being, which will remain free of charge, Li said.

His company is planning to launch a membership system and will look to create other sources of revenues by charging for services other than basic transactions, such as expedited processing.

OKcoin, on the other hand, is considering other business models beyond basic transactions, such as a payment system using bitcoins. Payment using bitcoins is not allowed under the current regulations in China.

In response, Xu Mingxing, founder of OKcoin, pointed out that his company is considering experimenting with the plan through a company registered overseas.

Xu said his company is also considering an electronic wallet for bitcoins, banks that handle bitcoin deposits and going public on bitcoin exchanges.

In China, bitcoin-related businesses are spreading like a virus as Chinese businesspeople seek to profit from speculation in the digital currency, according to Ron Cao, managing director of Lightspeed Venture Partners.

However, in the United States, where the bitcoin’s popularity is lower among the general public than in China, there is greater variety in the types of businesses being created around bitcoins, Cao said.

For instance, US-based Coinbase — which offers a trading platform for bitcoins and an electronic wallet service — recently secured investments from companies including US research and venture capital organization International Data Group in the middle of the year.

Another US company, bitcoin payment processor BitPay, has announced receiving an unspecified investment following receipt of an earlier US$2 million sum in the middle of the year.

Hong Kong-based investment and venture capital firm Horizons Ventures, owned by Hong Kong business magnate Li Ka-shing, has reportedly also made an investment in BitPay.

Payment using bitcoins has become relatively more mature in the United States, with BitPay and Coinbase now boasting 100,000 commercial users, according to Cao.

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