Cryptocurrencies in Asia: Singapore & China

Apr 1, 2019 | Asia, Biz, China, News, Singapore

Cryptocurrencies are finding a comfortable forever home in Singapore and China

Without a shadow of a doubt, Singapore and China are economic powerhouses – but how are these regions embracing cryptocurrency projects?

China

The Centre for Information and Industry Development or CCID in China have recently released their “thumbs up” for the most promising cryptocurrency projects in the region, and the current ratings reveal that the Chinese are preferring “smart contracts” over the more venerable Bitcoin, which lost its previous rank in CCID’s index.

According to the current rankings, the most preferred cryptocurrency networks are ETH (ethereum), TRX (tron), and EOS. The CCID looked at a total of thirty five different digital assets projects currently operating in China before creating the current rankings based on three criteria. The criteria involve the project’s basic tech, the applicability of the cryptocurrency to current market needs, and creativity.

The most interesting criterion, of course, would be “applicability” of the project in question, which actually translated to the general level of support that the crypto network had in China. Joining the three in China’s top five crypto projects are Nebulas and Ontology. Nebulas is described as “an autonomous metanet, a next generation public blockchain,” while Ontology is a “high-performance public blockchain & a distributed trust collaboration platform.”

Singapore

In Singapore, things are getting hairy and more complicated for crypto exchange companies as the Singapore International Commercial Court or SICC issued its verdict holding crypto exchange company Quoine liable for a computer glitch that allowed crypto liquidity provider B2C2 to exchange 309.2516 ether for 3,092.517116 bitcoin. During the time of the trade, ether traded for $46/1 eth, while bitcoin traded for $1,267/btc.

The story goes that B2C2 executed a trade that pegged 1 ether for 10 bitcoin. B2C2’s trade cost about $14,000, and the amount of bitcoin they got from Quoine amounted to a whopping $3.9 million. Naturally, Quoine detected the glitch and reversed the trade, prompting a very upset B2C2 to file a rather aggressive case against the crypto exchange company, citing Quoine’s own policy that all trades are final and irreversible. SICC’s verdict shocked everyone (except B2C2 perhaps) and Quoine was ordered to pay the liquidity provider damages.

The Evolution of Ice Cream in Asia

Ice cream has had a long and fulfilling journey in Asia from its origin story to its present-day impact, surpassing nations in the West.

Learn Korean Culture thru Funny Comics by the ‘Korean Friends’

“Korean Friends” is sharp, funny, and unapologetic – three things that you genuinely need to put into art when introducing your culture to the world.

World’s First: Japan Firm Develops Second Skin Spray-on Facemask

A Japanese cosmetics company Wednesday unveiled what it said was the world’s first spray-on skin, a moisturising facemask made of fibres one-100th the thickness of a human hair.

This Young Man is Revolutionizing the Way We Clean Beaches Around the World

Arjun Sharma touches base on his journey discovering Clean My Beach and the hopes and determination he desires to share with the world in an effort to fight environmental havoc

DJ and Fashion Icon: Peggy Gou is Taking Over

While the rest of the world is tripping over k-pop, Peggy Gou, a Korean DJ, producer, and fashion icon is taking center stage

4-Mile Bridge to Connect Two Indonesian Islands Near Singapore

In just a few years, people from Bintan can drive to Batam in just a few minutes thanks to a 4.35-mile bridge that will connect the islands in the Malacca Strait. This project is in line with President Joko Widodo’s priority on infrastructure.

Singapore: Airport Jewel Changi Stands Pretty and Tall

Jewel Changi Airport takes the center stage as the Best in Layovers

Japan Seeks Dominance In Global Renewable Energy Race

Blessed with a variety of renewable resources like wind, solar, and marine, Japan is now looking to dominate the global renewable energy race. And it starts with an Olympic event.

Trash Talk: Asia is Not Your Dumping Ground

Developed countries send their waste to Asian countries with little to no warning

Watch Out for the Most Anticipated Asian Films of 2019

2019 marks one of the biggest years for Asian cinema. From romantic flicks that will make you feel butterflies in your stomach, to action movies which will have you at the edge of your seat.

Japanese Tattoos: Revered Outside of Home, Hated Within

Take a step inside the controversial relationship Japan has with its tattoo culture

Rap Against Dictatorship Raps Everything That’s Wrong In Thailand

In the later parts of 2018, a rap collective from Thailand called Rap Against Dictatorship (RAD) rose into stratospheric fame when they released their single “Prathet Ku Mee” (translated as “What My F**king Country’s Got).

Hong Kong Gamer Kicked out of eSports Tournament

A top online gamer from Hong Kong who was expelled from an international eSports tournament after showing support for the city’s protest movement said on Tuesday he has no regrets.

The Best of Taiwan’s Live Music Scene

Check Out Taipei’s Hottest Live Music Bars and Venues

India vs. Pakistan Impending Nuclear Conflict: Ready To Put On That Hazmat Suit?

The growing tension between Asian neighbors India and Pakistan is now deemed to be one of the most dangerous crises to ever happen post-Cold War era.