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HSBC’s new chief executive said the bank is in growth mode and plans to invest up to $ 17 billion in China and new technologies, but ruled out major acquisitions in the near future.
WSJ.com: What’s News Asia
Asia Argento headed out with her daughter Saturday … to face the world without Anthony Bourdain. The Italian actress was spotted for the first time since the tragic news broke of Bourdain’s suicide … leaving her home in Rome and getting into a…
Anthony Bourdain and Asia Argento seemed as tight as ever just last week … but it appears something changed within the last few days. Asia, an Italian actress and director, also worked on Bourdain’s show, ‘Parts Unknown.’ They were on a…
According to a recent report, cryptocurrency miners from China have been flocking to regions in Southeast Asia like Vietnam, Myanmar, and Cambodia. However, a relocated Chinese miner based in Cambodia says miners trying to find safe havens in other Southeast Asian countries are having difficulties, and losing money every month due to residents complaining and unreliable power.
Chinese Miners Who Relocate Are Finding Other Regions Located in Southeast Asia More Difficult
Mining in China is still allowed but there have been rumors of government crackdowns, and because of this speculation many mining operations based in the country have begun to relocate. Some operations who still seek out cheaper Chinese electricity tariffs moved to the border towns in Yunnan, but lots of Chinese miners have relocated to other areas in Southeast Asia like South Korea, Vietnam, Cambodia, and Myanmar. Although government officials and residents living in these regions have been giving miners a hard time according to a relocated miner named Zhang Han.
Zhang says that he had miner friends that already “occupied” the suburbs of Cambodia and Myanmar. He did the math and found areas in Southeast Asia still offer much cheaper electricity than other countries worldwide. However, the miner explains he is not too happy with the move and states “I really regret it.” At first, Zhang found that Cambodia was expensive in some areas of operations, but less expensive in other areas when compared to other regions.
“Compared with other miners who choose Vietnam and Myanmar, the electricity in Cambodia is slightly more expensive, but it costs less in other expenses,” Zhang explains in his recent interview.
It costs almost the same in Cambodia as industrial electricity price in China, 1.3 yuan ($ 20 cents) per kilowatt-hour (kWh), but you can take advantage of electricity theft from streetlamp facility with the help of some insiders.
Accessories Costs and Operations Maintenance is More Expensive Abroad for Relocated Chinese Miners
The accessories costs and operations maintenance is what gave his mining operation headaches, Zhang explains. “Maintenance and accessories are very big problems, and it can also be said that the cost of supplies is very high,” Zhang details. “But hardware maintenance is a challenge, it would cost you a great sum – at least 3 times higher than the cost back in China, especially in hot days when entering March. Buying parts here is really a big headache, we have no choice but to purchase them from China, which would take days or even weeks to have it available in operation here.”
At times we turn to local miners for help, while they would seize the opportunity to ask for unfairly high price for a tiny fitting.
Chinese Miners Also Face Unfriendly Local Competitors and Residents Who Might Report Electrical Theft
Zhang further realized that Cambodia suffered from significant power outages where there is no electricity for a whole day or even longer. The miner says in order to mitigate the problem, if an operation happens to have a connection with a power company “insider,” they can steal power from a nearby streetlight. However, local residents may report this method to the authorities, and Zhang says residents are not too friendly towards Chinese miners right now. Additionally, local miners and financial institutions backed by Western countries are also not pleased with Chinese miners relocating to these countries.
“Apart from the local residents and miners, institutions funded by western countries are also unfriendly to us — They are all trying to squeeze us out of here — And I’m considering that,” Zhang concludes.
What do you think about relocated Chinese miners having issues in other areas of Southeast Asia? Let us know your thoughts on this subject in the comments below.
Images via Shutterstock, and SOHO.com
The post Chinese Miners Are Finding Relocation Difficult in Southeast Asia appeared first on Bitcoin News.
The prospect of a deepening U.S.-China trade conflict has Japan, Australia and other Asia-Pacific nations worried about getting caught in the crossfire—even if some of them have sympathy for President Donald Trump’s criticism of China.
WSJ.com: What’s News Asia
Being able to easily find places to shop with bitcoin is a crucial step for actual adoption. While not really using the cryptocurrency as it is intended to, topping up debit cards with bitcoin allows spending your holdings while bypassing the need for merchants to learn a new payment system and just use the same old methods they are used to. With Wirex card spending coming back to Asia, bitcoin investors in the region will soon have another such option for something other than just trading.
Asian Bitcoin Cards
London-headquartered bitcoin wallet and card company, Wirex has revealed it will launch contactless debit cards for spending money that has been loaded from cryptocurrencies and its first ever multi-currency accounts for speedy exchange between bitcoin and fiat (SGD, GBP, EUR, USD) in Asia during the second quarter of 2018. Wirex Cards in Asia are said to offer 3D Secure support for safe online payments as well as physical and instantly available virtual debit cards.
Wirex has offices in Tokyo and Singapore, and last year received a $ 3 million investment from Japanese institutional investor, SBI Group. As such it is not surprising it will focus on further expending its offering in the world’s most populated continent, beginning with Japan and Southeast Asia.
Making Bitcoin Spending Easier
Last week Wirex launched debit crypto cards for its customers in the European Union. The new cards were made available in the UK since March 8, and the roll out for other EU countries is to last until the end of May. The company believes that phasing-in delivery by regions ensures a stable and secure service globally.
Pavel Matveev, the company’s CEO, said: “Wirex is bringing to Asia the first ever multi-currency accounts and cards for spending cash converted from cryptocurrencies, making everyday purchases much simpler. Our cards are great for transactions in stores, buying goods online or withdrawing money from ATMs. We were the first to bring such cards to the world and now we’re the first to bring multi-currency accounts with new contactless debit cards to Asia. We’re pleased to let our Asian customers know here that cryptocurrency spending just got much easier.”
Are bitcoin debit cards a good tool for mainstream cryptocurrency adoption? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
The post Wirex to Launch Cryptocurrency Debit Cards in Asia During Q2 2018 appeared first on Bitcoin News.
It has been announced that the Marketing Director of Adastra Marketing, Amelie Arras, will look to defend bitcoin’s crown in the upcoming Money20/20 Asia Payments Race. Mrs. Arras is hoping to repeat her performance from last year, where she defeated four other participants to claim victory for bitcoin in the Money20/20 USA Payments Race.
Bitcoin to Defend Title at Upcoming Payment Race
Amelie Arras will look to defend bitcoin’s crown in the upcoming Money20/20 Asia Payments Race, in which Mrs. Arras will attempt to cross Asia solely using BTC. The five-day race is scheduled to commence in Hong Kong on the 10th of March, during which Mrs. Arras will exclusively transact in bitcoin, before arriving at the Money 20/20 Asia Conference in Singapore.
“My experience from the previous Payments Race showed me first hand that acceptance at a merchant level is not what I can rely on to win. Instead, I will be using bitcoin for what it was originally designed for, a peer to peer currency. Using the power and enthusiasm of the crypto community, I am determined to win the race again,” Mrs. Arras stated.
The Race Will Be Held in Partnership by Money 20/20 and Fintech Finance
The race will see Mrs. Arras go head to head with competitors representing gold, cash, cards, and mobile payments respectively. Participants will be tasked with various challenges along the way, through which they will be able to earn points. Whoever holds the most points when crossing the finish line wins, provided that the participant finishes the race on time. Competitors are not allowed to purchase direct flights and will be required to use a variety of different modes of transportation.
Pat Patel, the Content Director of Money20/20 Europe & Asia, has stated that “The Money20/20 Asia Payments Race is definitely the most challenging one yet, it will really test the racers to the limit. We’ll get to really understand the real-life benefits and issues of each payment method across multiple markets in Asia. Oh, and it will be insanely entertaining in the process, stay tuned for insight and fun in equal measures.”
Do you think bitcoin can win the Asian Money20/20 Payments Race? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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The post Amelie Arras Prepares to Defend Bitcoin’s Title at Money 20/20 Asia Race appeared first on Bitcoin News.
The iPhone X’s steep price opens the door to cheaper options in Asian markets, and Chinese smartphone brands Xiaomi, Oppo and Vivo are grabbing market share.
WSJ.com: What’s News Asia