Bitcoin, a virtual currency traded online, was not invented in China, yet China is where 80% of the virtual “coins” are minted and 90% of the transactions are made. Currently, the global bitcoin market amounts to some $14.5 billion, roughly the same amount of money as Apple’s European back taxes. If the virtual currency’s popularity continues to grow, decisions made by Chinese investors and regulators may determine whether bitcoin fades to a historical footnote, like Napster or the eight-track tape, or becomes the silicon cornerstone of a new global financial order. A combination of factors thrust China into this decisive role.
Mobile banking is proving to be a disruptive force for traditional branch banking. What is the future of banking as we know it—and the future of cash?
You are invited to download the March 2014 issue of CKGSB Magazine. You’ll enjoy articles and interviews like: COVER STORY The Money Matrix: As Chinese consumers show an increasing preference for easy-to-use internet finance, what will happen to traditional banks? SNAPSHOT: China’s Crushing Debt: How serious is China’s local debt problem? A look at the ticking time bomb. […]
Bitcoin has spurred interest in virtual currencies, which have the ability to revolutionize our world. But governments and regulators will have the last word on bitcoin’s future prospects. After a year of wild price swings–from $13.50 per coin in January 2013 to $1,242 in November and now back to around $500–and the recent closure of Mt. Gox in […]
The week that was: Beijing continues to restrict shadow banking practices; top economic planning agency approves more coalmines; a 13-year-old ban on video game consoles is lifted temporarily; and L’Oréal pulls the plug on the Garnier brand in China. Gaming consoles set to come back to China, legally If you see a Chinese guy playing on […]
What a tumultuous year for bitcoin in China has taught us about the relationship between China’s investors and regulators. China definitely has the capability to develop into the leading power in the bitcoin world, and to have more say and a greater impact on the global digital currency sector,” says 32-year-old bitcoin investor and Shanghai-based […]
The week that was: Chinese billionaire Chen Guangbiao makes a play for The New York Times; Asia’s richest man Li Ka-shing invests in Bitcoin payment processor BitPay; Wal-Mart deals with ‘donkey’ meat recalls; and Revlon exits China. Courting The Grey Lady Chen Guangbiao, the Chinese billionaire and philanthropist known for his outrageous publicity stunts, hit […]
The week that was: luxury retail in China slows down as the government’s anti-corruption measures take effect; over-the-counter exchange markets widen their reach; housing prices rise; and bitcoin prices nosedive. China broadens OTC exchange nationwide More small and medium-sized companies will have access to China’s over-the-counter (OTC) exchange market, as the Chinese State Council announced […]
The week that was: the Shanghai Stock Exchange will finally end the IPO freeze; British Prime Minister David Cameron brings a slew of business deals to China; and bitcoins come under the scanner. China to end IPO freeze There have been no initial public offerings on the Shanghai Stock Exchange since late 2012, but […]
Starting this week CKGSB Knowledge is launching China Round-up, a weekly blog that summarizes for you the most notable business stories on China from the last seven days. Read on. The week that was: pundits predict growth of over 7% for the Chinese economy; Chinese investors take to Bitcoins; and more dim-sum bonds head […]