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| April 24, 2018

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U.S. reportedly raises objections to state-run Chinese company taking control of Long Beach port terminal

April 20, 2018 |

U.S. regulators are reportedly raising objections that Cosco Shipping, a state-run Chinese company, could take control of a container terminal at the Port of Long Beach as part of its $ 6.3-billion acquisition of another company.

The concerns have been raised by the Committee on Foreign Investment…

L.A. Times – Business

SPI Solar to Host 5,000 Bitcoin Miners for Chinese VC Fund 500 IPO

April 17, 2018 |

SPI Solar to Host 5,000 Bitcoin Miners for Chinese VC Fund 500 IPO

Green bitcoin mining, using renewable energy to produce the cryptocurrency, is in vague across the world. And while generating hydroelectric power from dams have been more widely reported recently, solar power is gaining ground, as exemplified by 500 IPO entering the space.  

Also Read: Blockchain Mining Completes Bitfarms Merger, Stock Jumps 49%

Sun-Powered Bitcoin

SPI Solar to Host 5,000 Bitcoin Miners for Chinese VC Fund 500 IPOSPI Energy Co., Ltd. (Nasdaq: SPI) today announced that its wholly-owned subsidiary, SPI Solar Inc. has signed an agreement with 500 IPO Fund for 5,000-unit contracts of Bitcoin miner hosting services. Officially based at Santa Clara, California, 500 IPO Fund is defined as a venture capital ecosystem, which consists of top venture capital firms, wealthy Chinese investors and “powerful government resources.” Besides the slogan of connecting China with Silicon Valley, its mission is “to promote projects which help solve major social issues and create well-being for the whole world.” As such it is easy to understand the appeal of green bitcoin mining for its brand.

SPI is a provider of renewable energy solutions and cryptocurrency miner hosting service for businesses, governments, utilities and investors. It focuses on the development, financing, installation, operation and sale of utility-scale and residential photo-voltaic projects in China, Japan, Europe and North America. The Nasdaq-listed company has its operating headquarters in Hong Kong and maintains global operations in Asia, Europe, North America and Australia.

Renewable Bitcoin Mining

SPI Solar to Host 5,000 Bitcoin Miners for Chinese VC Fund 500 IPOIndustrial-scale bitcoin miners using renewable energy is nothing new, but mainstream media alarmists largely haven’t caught on yet as it disrupts their narrative. In fact, the most common locations for new operations recently are usually in regions offering plenty of affordable hydro-power such as Quebec, Canada. And solar energy has been used by miners for years. This makes financial sense for both sides, as vast renewable energy production is usually more viable in remote areas and bitcoin mining requires no proximity to population centers in contrast to most businesses.

Back in February we reported that Japan’s Kumamoto-Energy, a local power producer and supplier from Kumamoto City, has revealed that it began using solar power for mining cryptocurrencies. The company said that it aims to more effectively use its surplus electricity by mining cryptocurrencies with the excess output of its solar power generation plants.

Is bitcoin mining an ideal use for renewable energy? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

The post SPI Solar to Host 5,000 Bitcoin Miners for Chinese VC Fund 500 IPO appeared first on Bitcoin News.

Bitcoin News

Chinese Merchants in Moscow Convert Most of Their Cash to Crypto

April 16, 2018 |

Chinese Merchants in Moscow Convert Most of Their Cash to Crypto

Chinese traders in Moscow’s huge wholesale bazaars have become the most active buyers and sellers of cryptocurrency in the Russian capital. The retail turnover there is estimated at almost $ 10 billion a month. Authorities say that most of it is converted to cryptocurrencies and sent back to China where it‘s exchanged to yuan.   

Also read: Cryptocurrency Is the Main Income for 12% of Russian Crypto Users

Crypto Flows Considered Easier To Track than Cash

The three largest bazaars in the Russian capital, “Moskva”, “Sadovod”, and “Food City”, make about ₽600 billion rubles each month (~$ 10 billion). That’s almost a quarter of the retail turnover in the Russian Federation. Practically none of it is deposited in bank accounts, according to Yuri Polupanov, head of the Central Bank’s Financial Monitoring and Currency Control Department. 90% of the businesses there are owned by Chinese merchants and producers, he said during the Thomson Reuters Forum in Moscow, RBC reported.

The retail centers have become pioneers in crypto trade. Russia’s Centrobank believes that Chinese traders convert most of their revenues to cryptocurrency and send it back home, where it is exchanged to yuan. Financial authorities have learned that crypto exchange bureaus are also operating there. Polupanov said that some of them are registered as financial services providers. Inspectors have found discrepancies between their accounting reports and the data gathered remotely by the CBR.

Chinese Merchants in Moscow Convert Most of Their Cash to Crypto
Food City, Moscow

There is no point in denying that cryptocurrency is used in wholesale and retail trade, thinks Elina Sidorenko, head of a working group at the Duma tasked with assessing crypto circulation. “It’s no secret that Chinese merchants are using cryptocurrencies through anonymous wallets. But as soon as they are defined legally in the civil code, these financial flows will be easily controlled. It’s easier to track them than cash,” she said.

Sidorenko believes the situation will improve in a few years. If the central bank has evidence of illegal crypto-fiat exchange, it should give it to the Prosecutor’s Office, she added. Elina Sidorenko noted that illegal activities in these bazaars are not a new phenomenon. Violations of immigration laws and crimes related to laundering of illicit proceeds are flourishing there, she said, admitting: “We should’ve dealt with all that long time ago.”

Relics from The ’90s

The story of improvised retail bazaars and flea markets in Russia dates back to the breakup of the Soviet Union. Many of them were set up in the capital in the ‘90s. They have been targeted by authorities since the early 2000’s. Trade there is often unregulated and untaxed. Government inspectors have found multiple violations of sanitary and fire safety standards, customs and migration regulations.

Chinese Merchants in Moscow Convert Most of Their Cash to CryptoIn the summer of 2009 Moscow authorities closed down the “Cherkizovskiy” bazaar, which was one of the biggest. Russian police found 6,000 containers of contraband worth an estimated $ 2 billion. The newer trade centers “Sadovod” and “Moskva” are now major wholesale markets for clothes and shoes, while “Food City” is the main food distribution center. The volume of retail trade in the Russian capital has been estimated at more than $ 72 billion dollars in 2017. The monthly turnover is between $ 5.5 and $ 7.8 billion. It reaches $ 49 billion USD a month on national level.

Cryptos like bitcoin have been gaining popularity in Russia, where 12% of crypto users now claim cryptocurrency is their main source of income. Two draft laws regulating the crypto sector have been introduced in the State Duma, the lower house of Russia’s parliament. The bill “On digital financial assets” legalizes activities like initial coin offerings and mining. A second draft aims to amend the civil code in order to legalize the use of “digital money” in payments. It’s still unclear whether the circulation of cryptos will be allowed in the country. Recently, Russian media reported that a new crypto exchange bureau is now buying and selling bitcoin for cash in Moscow.

Do you think regulating cryptocurrencies will minimize their use for illicit purposes? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock, Food City.

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The post Chinese Merchants in Moscow Convert Most of Their Cash to Crypto appeared first on Bitcoin News.

Bitcoin News

Chinese investment in U.S. plunged last year, even before Trump threatened tariffs

April 10, 2018 |

Chinese investment in the U.S. plunged last year amid rising economic tensions between the two nations under the Trump administration.

Even before President Trump threatened a barrage of tariffs on Chinese goods, foreign direct investment by China into the U.S. dropped more than a third — to $ 29…

L.A. Times – Business

Chinese Investment Into the U.S. Fell Sharply in 2017

April 10, 2018 |

After climbing for much of the past two decades, Chinese investment into the U.S. dropped by 36% last year as Beijing imposed capital controls and Washington increased scrutiny of incoming deals. What’s News Asia

Trump urges tariffs on $100 billion more in Chinese goods, escalating trade-war tension

April 6, 2018 |

President Trump ordered his administration to consider imposing tariffs on an additional $ 100 billion in Chinese imports, a salvo that sent U.S. stock futures tumbling on concern that the world’s two largest economies were hurtling toward a full-blown trade war.

The move threatens to unravel efforts…

L.A. Times – Business

Japanese Police Arrest Chinese Man for Selling Cryptocurrency Exchange Accounts

April 4, 2018 |

Japanese Police Arrest Chinese Man for Selling Cryptocurrency Exchange Accounts

During the height of the cryptocurrency trading mania, when major exchanges closed their doors to new clients in an effort to cope, it was not uncommon to see people offering big amounts to buy existing accounts. The following case should serve as a warning to anyone considering selling accounts, as you can never know what legal problems may arise.

Also Read: Chinese Engineer Arrested for Stealing 100 Bitcoin From His Own Company

Chinese Corporate Executive Arrested in Tokyo

Japanese Police Arrest Chinese Man for Selling Cryptocurrency Exchange AccountsThe Japanese police revealed on Tuesday that they arrested a Chinese citizen in Tokyo for allegedly selling client accounts, at cryptocurrency exchanges he opened, to a group of criminals. The man is reportedly named Lin Xiaolin, and said to be a 30 years old corporate executive living in the Japanese capital city.

According to reports from China, the executive was arrested on March 15, 2018. He allegedly opened the accounts at a cryptocurrency exchange in Tokyo by accessing its server from his home country under the identity of a Vietnamese individual. The Chinese man has denied these allegations.

The police said that after opening an account, Lin immediately sold it off to a criminal group for approximately 100,000 yen (less than $ 1,000). He allegedly opened a total of six cryptocurrency exchanges accounts, and at least three of which were later used in some illicit transactions, the Tokyo police believe.

The Vietnamese Connection

Japanese Police Arrest Chinese Man for Selling Cryptocurrency Exchange AccountsThe Japanese police suspect that the criminal group deposited cryptocurrency taken from a third party to the accounts they got from Lin, in violation of the law. The investigators also think he might have handed the criminals not just accounts but other “tools” they may use.

The Chinese executive allegedly acquired the personal details of a Vietnamese person from an acquaintance he had in Vietnam. They chatted on Facebook and Lin paid 30,000 yen (less than $ 300) to get the name, birthday date and more information of another individual. These were used to open an exchange account in early July 2017, according to the police. The investigators first arrested four Vietnamese back in February for allegedly selling this information to Lin, but prosecutors eventually decided against indicting them.

What should be the punishment for selling off cryptocurrency exchange accounts? Tell us what you think in the comments section below.

Images courtesy of Shutterstock.

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The post Japanese Police Arrest Chinese Man for Selling Cryptocurrency Exchange Accounts appeared first on Bitcoin News.

Bitcoin News

US Proposes Tariffs on 1,300 Chinese Products

April 3, 2018 |

The Trump administration is recommending 25% tariffs on $ 50 billion in Chinese imports to protest Beijing’s alleged theft of American technology. The Office of the US Trade Representative has issued a list targeting 1,300 Chinese products, including industrial robots and telecommunications equipment. But the proposed tariffs wouldn’t take effect…