China’s Bitcoin Capital Flight Ramps up as FinTech Innovation Progresses
More and more mainstream attention focuses on the potential use of bitcoin for capital flight in China — while blockchain breaks new ground. China Capital Flight in BTC ‘Makes Sense’. As growth in the world’s largest bitcoin-trading country slows, correlations in the USD price of the Yuan and bitcoin are leading to suggestions that investors are using....
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BTCC exchange CEO Bobby Lee has become the latest Bitcoin figure to refute claims the cryptocurrency is being used for Chinese capital flight. Lee: Bitcoin Capital Flight ‘Simply Not The Case’. In a post published Wednesday, Lee said that “from everything I’ve seen on the ground here, running one of the largest Bitcoin exchanges in China, this is simply not the case.” His comments follow those made late last year by Bitquoints CEO Joseph Wang, who described Bitcoin as “useless” for moving money out of China. “The talking point is that many Chinese people are now using Bitcoin as a means to....
Fintech Australia is a national Australian Fintech Industry Association. Their vision is to make Australia one of the world’s leading markets for Fintech innovation and investment. Founded in October 2015, their membership base now comprises over 70 startups, venture capital funds, hubs and accelerators across Australia that specialise in Fintech. As a not-for-profit organisation, they support the Australian Fintech community, build awareness and trust in Fintech startups and advocate for better policy on behalf of our members. Fintech Australia is the voice for Fintech innovation in....
Hong Kong’s top banking regulator, the Hong Kong Monetary Authority (HKMA), unveiled two FinTech initiatives today. The announcement was made at the Hong Kong’s annual Treasury Markets Association gathering by HKMA chief executive, Norman Chan. Hong Kong’s FinTech Market Is Bitcoin Focused. While the announced initiatives are not specifically for Bitcoin....
The use of Bitcoin as a capital funneling method for Chinese investors is hitting the mainstream news, however, there is already talk of authorities clamping down on it - again. As China’s yuan continues its multi-year low against the dollar, authorities have acted to stem the outflow of value. Investors are finding ever more ingenious ways of getting their capital out of the country - and Bitcoin is becoming the method of choice. Now, even regional news outlets are quoting sources actively using Bitcoin where other methods are no longer available. Investor: China’s Market Rules ‘Not....
The Hong Kong Monetary Authority has revealed that it is establishing a Fintech Innovation Hub and a supervisory sandbox that will permit banks to conduct proof of concept trials and services as the country attempts to boost the development of Fintech in the financial services sector. In a speech at a summit in Hong Kong, Chief Executive of the Hong Kong Monetary Authority (HKMA), Norman Chan, said that the Fintech Innovation Hub ‘allows regulators to provide early inputs to the trial works before the actual implementation.’ He added: While some of the largest banks have built their own....