Chinese Official: Bitcoin Can 'Co-exist' with Fiat Currencies
A former vice-governor of China's central bank, Wu Xiaoling, has said that digital currencies like bitcoin "could co-exist with fiat currencies". Wu, who is currently a member of National People's Congress Standing Committee and a vice-chairperson of the Financial and Economic Affairs Committee, made her remarks as keynote speaker at the Sanya International Financial Forum, a mainstream event featuring political and business leaders. The forum's guidebook contained the following introduction to its digital currency stream: "Does 'digital money' refer to a set of digits or a type of money?....
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Hot on the heels of a weekend announcement that Chinese bitcoin exchange OKCoin was beginning USD-based trading comes the news that fellow Chinese exchange BTC China (which deals in both bitcoin and litecoin trading) is essentially following suit. BTC China took to social sharing website Reddit.com to make the announcement on Monday, telling the cryptocurrency world that they are the first Chinese exchange to support trading with three fiat currencies. The additions, the United States dollar (USD) and Hong Kong dollar (HKD), represent BTC China's intentions to expand their business outside....
The Chinese company BitKan, which launched in 2013, has added an OTC (over-the-counter) trading feature to its app available for overseas markets. The feature is already popular in China. This follows the conclusion of its first round of funding, where it received a $2 million investment from Bitmain. OTC trading feature added. In April, BitKan received $2 million of investment from the Chinese Bitcoin mining hardware company, Bitmain in its A-round of funding, allowing it to launch over-the-counter trading via its app in May. Over-the-counter trading differs from exchange trading in that....
On Friday, the official fiat currency of 19 out of the 27 member states of the European Union (EU), the euro, plunged to a low of $0.9732 against the U.S. dollar. The drop comes at a time when fiat currencies like the yen, yuan, and pound have struggled against the greenback during the past six months. Analysts claim the pound and euro are trapped in a “doom loop” and it’s also been said that the U.S. dollar is “the only possible hedge” against a failing global economy. Citigroup Analysts Say Greenback Is the Only Haven in This Macroeconomic Environment....
BTC China has announced the launch of USD and HKD deposits and withdrawals, joining OKCoin in an effort to extend services to the international community. Launching USD and HKD deposits and withdrawals, BTC China is now the first Chinese exchange to support three fiat currencies. The launch began after an invite-only period. During this trial stage, BTC China collected several million USD worth of deposits. This service will be processed via its registered Hong Kong affiliate.
Chinese exchanges have discovered another model in their quest to add new platform services: fiat currency-based peer-to-peer (P2P) loans using bitcoins and other digital assets as collateral. While most such services are aimed at large bitcoin holders who wish to make use of their holding's value without actually selling, some exchanges allow mortgaging of other assets like litecoin, car registration and even telephone numbers. Unlike bitcoin-related P2P lending platforms in other countries, such as BTCJam, these Chinese services do not actually lend digital currencies. Instead, users....