Here you can find the latest on bitcoin and other influential virtual currencies, updated 24/7 by our news teams across the globe.
May 11, 2018
A research unit under China’s Ministry of Industry and Information Technology said it would produce ratings for blockchain projects, in the latest effort by Beijing to regulate the technology that underpins virtual currencies such as bitcoin.
The International Monetary Fund is seeking a leading role in rallying the world’s central banks to get ahead of digital money and cryptocurrencies in the global financial system. “Policymakers should keep an open mind and work toward an even-handed regulatory framework that minimises risks while allowing the creative process to bear fruit,” IMF Managing Director Christine Lagarde wrote.
April 15, 2018
Retired Real Madrid and Portugal midfielder Luis Figo is backing an ICO. He joins a growing list of celebrity crypto endorsers including Brazilian football star Ronaldinho, former English footballer Michael Owen, boxer Manny Pacquiao, socialite Paris Hilton and Academy Award-winning actor Jamie Foxx.
China’s bike-sharing start-up Ofo is venturing into blockchain technology with plans to launch a rewards system in Singapore, where users will receive cryptocurrency tokens for riding. Users can mine Global Sharing Economy (GSE) tokens, when they ride Ofo’s bicycles. For now, GSE tokens cannot be traded or mined by other means.
Bitcoin fell to below US$7,000 as markets wobbled in the US following tariffs placed on the country’s exports by China. But an expert said it was less to do with the tariffs and more about traders evaluating the assets in their portfolio and trying to assign value to them.
Lin Xiaolin, 30, a corporate executive living in Tokyo, was arrested on March 15 for allegedly opening the account at a virtual currency exchange in Tokyo by accessing its server from China using the name of a Vietnamese individual, police said.
Bitcoin traded down at US$6,617 on the first-day of the long Easter weekend on Friday – its lowest-level since February 6 when it broke below US$6,000, as new European Union rules aimed at reducing leveraged trades offered by brokers prompted a widespread sell-off on fears of similar measures being launched in Asia.
March 27, 2018
Initial coin offerings (ICOs) may well have been banned in China since September last year – but the opportunity of getting involved in these virtual fund-raisings, using “cryptocurrencies”, has far from disappeared altogether. Online agencies are still advising customers on how to get involved in ICOs, and funnelling interested parties in their direction, via overseas websites.
Twitter is joining Facebook and Google in banning advertisements for initial coin offerings and token sales on its social-media platform. The decision comes after Facebook banned cryptocurrency ads in January and Google said it would ban such ads starting in June, as part of a broader effort to crack down on misleading advertising on their platforms.
March 23, 2018
Binance, the world's biggest cryptocurrency exchange, is heading to Malta. The island nation is looking to reinvent itself as a digital currency hub, while regulators in other jurisdictions crack down on virtual money.
March 22, 2018
France plans to create a legal framework for raising funds via cryptocurrencies and aims to become a leading centre for offerings in bitcoin-style digital currencies.
Meanwhile, the rapid evolution of crypto-assets such as Bitcoin may one day make them a threat to the financial system, Mark Carney, chairman of the Financial Stability Board, said in a letter to G20 finance leaders.
Hong Kong-based crypto exchange Binance is offering the equivalent of a US$250,000 bounty – paid in cryptocurrency – for information that leads to the arrest of hackers who targeted it last week.
March 10, 2018
Unregulated virtual currencies have made some speculators wealthy – for now – but they have also enabled criminals to flourish beyond the scrutiny of the financial system, writes criminal justice analyst Grenville Cross.
China’s central bank governor on Friday said Beijing is open to the idea of a digital currency if it doesn’t disrupt the financial system. The government will be happy to accept those that “bring efficiency, low cost and safety” to consumers as long as they “don’t directly conflict with the current financial stability and financial order”, Zhou Xiaochuan said.
March 8, 2018
Bitcoin fell back below US$10,000 amid concerns over tightened regulations. The US Securities and Exchange Commission warned that online platforms trading digital assets must register as exchanges, increasing fears that stricter regulations could limit trading.
People.cn, the official website of Communist Party mouthpiece People’s Daily, has launched a section dedicated to blockchain coverage, signalling Beijing’s official endorsement of the technology, even as a crackdown on digital currencies began in September.
The Year of the Dog is prime time for blockchain, as the underlying technology behind cryptocurrencies takes the spotlight with the very first at scale use cases in Asia-Pacific, writes Accenture’s Piyush Singh.
Bitcoin underwent a strong upswing, pushing through the US$9,000 mark for the first time since February 2. Darren Franceschini, chief executive with Blockchain Technologies Consulting, said this was “inevitable” and that “Now, we’re waiting for bitcoin’s next all-time high.”
Following weeks of negative headlines that have wiped out billions in value, bitcoin climbed back up to US$8,839 as regulatory concerns showed signs of subsiding.
Bitcoin bounced back by almost 50 per cent since dipping below US$6,000 on February 6, given a boost after top US regulators testifying before a Senate committee called for greater oversight of cryptocurrencies without proposing industry-killing measures.
Is someone trying to push the price of bitcoin down so they can profit?
Analysts say that could be the explanation after a bogus press invitation was sent to US media organisations claiming that the Hong Kong Monetary Authority and People’s Bank of China are about to jointly introduce new measures to crack down on “all aspects and services of bitcoin trading in both mainland China and Hong Kong”.
On the markets, bitcoin stumbled again but managed to reclaim some losses.
In the US, calls for a crackdown on cryptocurrency are rising, with the chairman of the US Securities and Exchange Commission saying he may request legislation, and the head of the Bank for International Settlements calling it “a Ponzi scheme and an environmental disaster”.
With banks such as the UK’s Lloyd’s turning against the cryptocurrency, the value of bitcoin continued its five-day drop, sinking below US$7,000 (HK$54,745) as of 2pm in New York on February 5 (3am February 6, Hong Kong time). This is the first time since November that it’s fallen so low.
According to an article published by Financial News, a publication affiliated to the People’s Bank of China, China will block all websites related to cryptocurrency trading and initial coin offerings (ICOs) – including foreign platforms.
Elsewhere, Tokyo-based exchanges have been victims of the two largest cryptocurrency heists in the world with losses totalling almost a billion dollars. So why is Japan still in love with bitcoin?
The bitcoin bubble seemed close to bursting after it dropped to below $8,000 for the first time since November, then regained its standing, leaving some experts highly unnerved.
Bitcoin’s price plunged this week to less than US$11,000, from almost US$20,000 in mid-December, after South Korea announced that all anonymous accounts, foreigners without local banking services and minors would be banned from trading on exchanges from January 30.
A board member at the European Central Bank (ECB) has urged C20 nations to look into regulating bitcoin at their next meeting. ECB Executive Board member Benoit Coeure made the remarks at the World Economic Forum in Davos, Switzerland.
Russia is moving towards regulating cryptocurrencies by drafting a law to regulate their creation - but exactly how strict it will be is still under debate.
January 24, 2018
China is grappling with an increase in bitcoin fraud as cryptocurrencies have become a target for hackers and cyber-fraudsters who are attracted by the huge sums invested in these platforms, according to a report by risk management firm Kroll.
A staggering 88 per cent of Chinese companies, including those from Hong Kong, faced cyber-related crime or fraud in 2017 - above the global average of 86 per cent.
January 23, 2018
Nobel Prize winner Bengt Holmstrom has warned of catastrophe if central banks are allowed to make their own cryptocurrencies - even though many regard it as a smart idea. This is why.
January 19, 2018
The People’s Bank of China has blocked banking services for cryptocurrency trading, according to an internal document issued by the central bank.
Despite the recent rout that has seen bitcoin losing 53 per cent of its peak value, enthusiasm remained high at the Miami bitcoin conference this week.
France and Germany will propose bitcoin regulations to G20 countries in March, the two European nations revealed in a press conference. Whether this will send more shudders through the market remains to be seen.
January 18, 2018
While bitcoin instability worries the world, Venezuela has pressed on with its plans to launch its own cryptocurrency – and is now trying to get Qatar in on the act.
The Winklevoss Twins, who became billionaires with bitcoin’s rise, lost US$443 million ($3.4 billion) each on Wednesday – so no wonder so many other investors are turning to gold. Read both stories here.
Is bitcoin just another bubble? See how it compares to some of history’s biggest bubbles, including the Dutch tulipmania of the 1630s.
January 17, 2018
By 11:20pm HKT (10:20am New York Time), bitcoin had lost 50 per cent of its mid-December value, being worth less than US$10,000 (HK$78,177) – and continued to fall.
The prices of crypto-mining computers have risen with soaring bitcoin prices. It now takes 556 days of computing and a hefty electricity bill to mine a single bitcoin. Is it worth it?
Bitcoin mania is not just part of a backlash against big tech, says South China Morning Post columnist Nicholas Spiro, it is a reflection of a loss of faith in – and indeed outright disdain for – the world’s political and economic elites.
January 12, 2018
Japan has a new all-girl “idol” band – the Virtual Currency Girls – on a mission to educate the public about bitcoin and other cryptocurrencies.
Investment guru Warren Buffett warned that a ‘bad ending’ is coming for cryptocurrencies, saying that their skyrocketing value is likely fleeting.
Explainer: Why does it take so long and cost so much to trade bitcoin? The average transaction fee jumped from 14 US cents in early 2016 to US$16 at the start of 2018.
The bitcoin revolution isn’t coming, says South China Morning Post columnist David Dodwell, who is alarmed by cryptocurrency’s political, environmental and criminal impact.
January 1, 2018
South Korea’s Financial Services Commission banned its companies and start-ups from taking part in ICOs in September 2017. Why has one of the most innovative societies giving up its role as a leader in the field and aggressively fighting the trend?
December 29, 2017
Despite generating breathless coverage throughout the year, bitcoin still baffles many. Check out our infographic for a working sense of how the cryptocurrency works, both for individual users and in its larger ecosystem.
December 12, 2017
The first day of bitcoin futures trading kicked off with a bang: