Cryptocurrencies in Asia: Singapore & China

Apr 1, 2019 | Asia, BIZ, China, NEWS, Singapore

    South East Asia Desk

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.

BTS Walks Louis Vuitton FW21 Show in Korea

It seems BTS did not only take k-pop by storm but also fashion. The K-pop group walked Louis Vuitton’s FW21 runway as their global ambassadors. The pop icons graced the show in a fashion film directed by Jeon Go-woon.

WHO Inspectors had “Very Frank” Discussions with Chinese Scientists about the Source of the Pandemic

World Health Organization inspectors had “very frank” discussions with Chinese scientists about the source of the pandemic, including theories it leaked from a laboratory, the head of the probe in Wuhan told AFP Thursday.

Delhi’s Rebel Gym Goers Risk Virus to Pump Iron

While top gym chains in India are shuttered over the coronavirus pandemic, many workout dens are defying government orders of a lockdown by staying open for their muscle-bound customers.

Hong Kong Artists Revive City’s Bygone Era with Miniatures

In a packed metropolis where old buildings are frequently replaced by gleaming skyscrapers, two Hong Kong model makers are trying to preserve the city’s architectural past — in painstakingly detailed miniature form.

Pandemic Drove 230 Million Indians into Poverty

Around 230 million Indians fell into poverty due to the pandemic last year with young people and women the hardest hit, and the current second wave threatens to make matters even worse, a new study has said.

Asia-Africa Relations: Stronghold of Culture and Business

This connection packs a punch far stronger and better than what meets the eye

Oil Industry Placing Risky Bet on Plastics: Report

Big oil producers are pinning their future growth on the world’s insatiable appetite for plastic, researchers said Friday, in a “bet” on society’s failure to tackle disposable consumption that risks stranding billions of dollars in petrochemical investments.

Judoka Takato Wins Japan’s First Gold of Tokyo Olympics

Judoka Naohisa Takato won Japan’s first gold medal of the Tokyo Olympics on Saturday with victory in the men’s 60kg final at the iconic Nippon Budokan.

China’s Wealthy Hire Organizers to Manage Luxury Purchases

The discovery of a Burberry jacket she does not recall buying proved to Chen Rui that she was right to have brought in experts to manage her out-of-control luxury wardrobe.

Rebound and Reflection in Wuhan as Virus Claims Million Lives

As the coronavirus claimed its millionth life, people in Wuhan expressed sadness Monday at the continuing global impact of the pandemic — more than nine months after it emerged in the central Chinese city.

Wall of Sand Engulfs Chinese Town

A towering wall of sand rushed over factories and apartment blocks in northwestern China’s Gansu province as seasonal sandstorms barrelled across the country, causing air pollution and traffic accidents.

‘Listen to the Party’: Chinese Cities Deck Out in Slogans for Anniversary

China is ramping up a propaganda blitz ahead of the 100th birthday of the ruling Communist Party, with banners and billboards around the country reminding citizens to live a “civilized” life and obey authorities.

Philippine Journalist Critical of Duterte Says Libel Case Dismissed

Veteran Philippine journalist Maria Ressa has had a cyber libel charge against her dismissed, lawyers involved in the case said Tuesday, in a rare legal win for the key critic of the country’s President Rodrigo Duterte.

Twitch Video Gamers Rise up against ‘Hate Raids’

Night after night, video game streamer RekItRaven watches as their feed is inundated with abusive messages. Hate raided, yet again.

Crash Landing on You: K-Drama Hit Smashes TV Ratings

South Korea’s biggest current television hit is a surreal tale of a billionaire heiress who accidentally paraglides into the North and falls in love with a chivalrous army officer serving Kim Jong Un.

China to Target Biggest Payment App Alipay in Tech Crackdown

Chinese regulators have ordered sweeping changes to the country’s biggest payment app Alipay, as the ruling Communist Party attempts to rein in “the unruly growth” of the tech giants.

Stop Making Sense: The Strange Auteurism of Stephen Chow

Auteur theory is a complicated subject to broach, seeing that the debate to place a definition on the term “auteur” has been ongoing since the 1940s. Everyone has their own variation and take on the term that gets assigned to monolithic and specific directors.

Tech Stars Quit Silicon Valley as Politics, Pandemic Weigh

Silicon Valley is seeing departures of some of its high-profile stars as a pandemic-linked shift to remote work and political polarization have dulled the allure of the key tech industry hub.

NBA’s Hachimura Gets Racist Messages ‘Almost Every Day’

Japanese NBA rising star Rui Hachimura said he receives racist messages “almost every day”, as uproar grows over the abuse directed at top athletes online.

Murakami Library Unveiled at Author’s Alma Mater in Tokyo

Haruki Murakami fans can marvel at a vast collection of the Japanese author’s novels, scrapbooks and vinyl at a cavernous new library unveiled Wednesday at his old university in Tokyo.

Supporters Rally as 47 Hong Kong Defendants Charged under NSL

A court hearing involving some of Hong Kong’s best known dissidents was adjourned in the early hours of Tuesday after one of the 47 defendants charged with subversion fainted and was rushed to hospital.

Hong Kong Activists Charged for Taking Part in Tiananmen Vigil

Twenty-five Hong Kong democracy activists were charged Thursday with taking part in a banned June candlelight vigil marking the anniversary of China’s 1989 Tiananmen crackdown.

India’s Massive Kite Festival

Uttarayan is an annual International kite flying festival in Gujarat where giant kites shaped as mermaids, horses, and even footballs take over the sky

$20 Million Worth of Meth Found Floating in Myanmar

Sacks of crystal meth scooped from the sea by Myanmar fishermen who mistook it for a deodorant substance had a street value of $20 million, an official told AFP Sunday, in a country believed to be the world’s largest methamphetamine producer.

Thousands Mourn at Hong Kong Rally after Student’s Death

Tens of thousands of Hong Kongers packed into a park Saturday night to mourn a student who died during recent clashes as police arrested a group of pro-democracy lawmakers, deepening the city’s political crisis.

Korean Air Chief Defeats ‘Nut Rage’ Sister’s Challenge

The “nut rage” heiress who forced a plane to turn back over her macadamias failed Friday to wrest control of the family airline from her brother, in what analysts said illustrated the power of incumbents at South Korea’s chaebols.

Testing Times: Borneo Orangutans Get COVID Swabs

Dozens of critically endangered orangutans in Malaysia have been tested for the coronavirus, with vets in protective suits undertaking the tricky task of giving the apes nasal swabs.

Some of the Most Expensive Chinese Paintings Ever Sold

Artworks are now being sold at incredible mind-boggling prices. Whether you have a few million to spare and want to turn your house into a museum, or just curious about art, we’ve compiled some of the most expensive Asian artworks ever sold.

Documentary Film on Hong Kong Protests Deletes Scene After New Law

The director of a documentary about Hong Kong’s pro-democracy movement says he has deleted a scene featuring a dissident artist playing China’s national anthem after a law was passed criminalizing “insults” to the revolutionary song.

Olympic Super-Fan Determined to Welcome World to Tokyo

Whistle-blowing, flag-waving super-fan Kyoko Ishikawa has attended every Summer Olympics in the past 30 years — and the Tokyo resident doesn’t plan on missing out on a Games in her home city.

Thailand’s First Transgender MP Dismissed from Parliament

Thailand’s parliament lost its first transgender MP Wednesday after the constitutional court revoked her seat in what critics called a political move against supporters of the kingdom’s pro-democracy movement.

CASETiFY Collaborates with Globally Loved BTS

CASETiFY is joining forces with BTS to create personified phone cases and accessories showcasing the much internationally known k-pop boy group

Why Is Taiwan Not Called Taiwan at the Olympics?

Taiwan’s star weightlifter Kuo Hsing-chun won gold at the Tokyo Olympics on Tuesday, but when she ascended the podium to receive her medal there was no national flag and no national anthem to greet her.

88Rising Will be Your New Favorite Music Channel

Love music from Asian artists? Then you’d want to tune in to 88Rising, the first 24-hour broadcast radio channel in North America that will showcase All-Asian music from around the world.

Airline Sacks Pilot Blamed for Taiwan’s First Local Virus Infection Since April

A pilot blamed for infecting two colleagues and causing Taiwan’s first local coronavirus transmission since April was fired on Wednesday, his airline said.

Singaporean ‘Ant-Repreneur’ Sells Tiny Six-Legged Pets

Ants scurry around in transparent boxes stacked outside a Singaporean store that is tapping into an unlikely but growing local trend of keeping the six-legged creatures as pets.

Scores Test Positive for COVID-19 on India Flight to Hong Kong

At least 53 passengers on a flight from New Delhi to Hong Kong have tested positive for coronavirus, authorities said Tuesday, as the Chinese financial hub introduced an emergency ban on arrivals from India over a new wave of cases.

Bangkok’s Motorcycle Taxi Drivers Become Rebel Alliance with Thai Democracy Protestors

Orange-vested drivers of motorbike taxis have become allies to Thailand’s pro-democracy protesters gathering across traffic-snarled Bangkok, offering lifts and keeping an eye out for trouble.

Sewage in Nepal Serves as Affordable Virus Screening Tool

A pungent smell hangs in the early morning air as researchers collect samples of sewage dumped into a river in Nepal — a cost-effective way to trace the coronavirus spread for the resource-strapped Himalayan nation.

Taiwan Agency Proposes Removal of Giant Chiang Kai-Shek Statue

A government agency tasked with addressing the trauma of Taiwan’s authoritarian past said Wednesday it backed the removal of a giant statue of former president Chiang Kai-shek, who oversaw decades of brutal martial law.

Piped Noise, Robots and ‘Sex Dolls’: How to Liven up an Empty Stadium

Livening up sport without fans is a challenge for competitions returning after the coronavirus, and organizers have tried several ways to make empty stadiums more appealing.

Taipei Closes Entertainment Venues as Virus Outbreak Spreads

Taiwan’s capital on Friday announced an indefinite closure of entertainment venues in the wake of a widening outbreak of local coronavirus infections.

China’s Trekking Elephants Wait for Youngster to Catch Up

A herd of elephants on a mammoth trek across China is taking an enforced break — as they wait for a wayward youngster to catch-up.

Shanghai PRIDE Halts Its 12-Year Ride Over ‘Safety’

China’s longest-running LGBTQ group, ShanghaiPRIDE, has said it is stopping all its activities and events “to protect the safety of all involved”.

Hungry and Homeless: Philippine ‘Jeepney’ Drivers Hit by Virus

Forced off the road by coronavirus lockdowns, Philippine “jeepney” driver Daniel Flores now plies the streets of Manila on foot begging for money to feed his hungry family.

No Fear for India’s Hangman Before First Job of Execution

Pawan Kumar feels zero sympathy for the four men he is due to hang next month for a 2012 gang rape and murder that appalled India.

Vietnam Couple Detained Over Killing Pet Dogs and Cats for Meat

A couple accused of poisoning dozens of pet dogs and cats in Vietnam have been arrested, state media said Monday, as local authorities clamp down on animal snatchers who sell the meat to food shops and markets.

Philippines: A Case of Hunger in a Country with Rich Land and Farmers

Why are some Filipinos starving and eating recycled meat?

Zika Virus Cases Detected in India’s Kerala State

Authorities in India’s southern Kerala region have issued a statewide alert after 14 cases of the Zika virus were detected, officials said Friday.

UN Security Council Expresses ‘Deep Concern’ after Myanmar Coup

The UN Security Council on Thursday voiced “deep concern” over the military coup in Myanmar, and called in a statement for the “release of all detainees” including Aung San Suu Kyi.

Top Electronic Music Festivals in Asia

Think the electronic music scene isn’t alive in Asia? These amazing Electronic music festival in the region will prove you wrong.