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.

How WeChat Is Dominating Online Life in China

WeChat, or Weixin in China, is being evolved to become Facebook’s biggest rival in providing consumer communication and value-added services via the mobile app.

Supercars and Champagne: Bangkok’s Rich Purr through Pandemic

As the coronavirus brought the global economy to its knees, Thai businessman Yod decided to buy himself an $872,000 treat — a lime-green Lamborghini.

Def Jam Banks on Southeast Asian Rising Rap Stars

When Singapore’s Yung Raja remixed “Gucci Gang” by US rapper Lil Pump, he swapped the original’s flashy cars and a prowling tiger for a beer can and Tamil food in a viral YouTube video that reeled in hip-hop label Def Jam.

The Story of 1MDB: Malaysia’s Biggest Financial Scandal

Malaysia’s extraordinary 1MDB corruption scandal allegedly saw top officials loot billions from a state fund and go on a worldwide spending spree — buying up super-yachts, paintings by Van Gogh and Monet, and financing a Hollywood blockbuster.

India Scraps ‘Tax Terrorism’ Rule that Spooked Foreign Firms

Indian lawmakers approved Friday the scrapping of a tax rule that allowed huge retroactive claims, badly hurt its image for foreign investors, and led to embarrassing attempted asset seizures from Paris to New York.

Indian Jewelery Chain Removes Ad after Vicious Backlash

One of India’s top jewellery retailers has withdrawn an advert featuring an interfaith baby shower after a vicious backlash on social media by Hindu hardliners who said it glorified “love jihad”.

Getting To Know The Asian Skin Care Regimen

The ultimate guide to the achieve the radiant-looking Asian Skin complexion

Liberty or Death: Hong Kong Protesters Explore Sewers to Escape

Arms covered in cling film and torches in hand as they drop into the sewers, clusters of pro-democracy protesters still inside a Hong Kong campus are plotting increasingly ingenious — and desperate — ways to escape a police siege.

Leyna Bloom and Yumi Nu are the New SI Models Paving the Way for Inclusivity

Leyna Bloom and Yumi Nu are the newest Sports Illustrated models that have made history this year. The first Black-Asian, and curvy Asian models, respectively, are proving that women of all sizes and colors can stand out in fashion.

The Rundown: All about Japan

Here are all the things you need to know about Japan

China to Pause Squid Fishing in Pacific, Atlantic Breeding Grounds

China has announced a temporary ban on its fishing fleet — the world’s biggest — from catching squid in parts of the Pacific and Atlantic Oceans after overfishing pushed populations to the brink of collapse.

Teen’s Rape and Murder Sparks Outcry, Protest in Nepal

Hundreds of Nepalis staged a mock funeral procession in the capital Kathmandu Friday after the rape and murder of a teenage girl drew attention to a rise in sexual assault cases.

China Bans Exams for Six-Year-Olds as Beijing Retools Education System

Beijing on Monday banned written exams for six- and seven-year-olds, as part of sweeping education reforms aimed at relieving pressure on pupils and parents in China’s hyper-competitive school system.

Drive-By Blessings in Virus-Hit Philippines

Priests delivered blessings from the back of trucks and motorised tricycles in the Philippine Sunday, adapting the deeply Catholic nation’s traditions to the battle against the coronavirus pandemic.

Will Elon Musk Save the Philippines’ Slow Internet?

Converge, a Philippine-based internet provider is in talks with Elon Musk’s SpaceX for a potential collaboration in the country. According to Converge, the plan is still in its premature stage. Do you think it can finally give Filipinos the reliable internet they deserve?

Hong Kong Protest Couple Rebuild Life after Acquittal

Henry Tong and Elaine To were preparing to spend their first wedding anniversary in separate prison cells — until their acquittal for rioting during Hong Kong’s pro-democracy protests.

Gay Couples Tie Knot for First Time at Taiwan Military Wedding

Waving rainbow flags and shedding tears of joy, two Taiwanese same-sex couples tied the knot on Friday at a mass wedding hosted by the military in another landmark for Asia’s LGBT community.

Hong Kong Ends Longest Recession in Decades

Hong Kong’s economy jumped back into growth in the first quarter of the year, official figures showed Monday, ending the city’s most pronounced period of recession in its modern history.

Japan Stops Use of 1.63 Million Moderna Doses over Contamination

Japan will halt the use of 1.63 million doses of Moderna’s Covid vaccine after reports of contamination in several vials, drugmaker Takeda and the health ministry said Thursday.

Singapore Virus-Secure Hotel Looks to Lure Business Travelers

Singapore on Thursday launched what it billed as a coronavirus-secure hotel and meeting complex where visitors communicate via intercom through glass panels, as the Asian financial hub slowly opens up to the world for business.

Nepal Elephant Festival: Judge for Beauty and Inspect for Signs of Abuse

Hundreds cheered as the three beauty contest finalists strolled out into the middle of the grounds and raised their painted trunks to the judges – symbols of all that is admired and denounced at Nepal’s annual elephant festival.

How Did the Taliban Take Over Afghanistan So Quickly?

The Taliban’s stunning and rapid takeover of Afghanistan was the result not only of their battlefield strength, but also a sustained push to force surrenders and cut deals.

Japan Sumo Wrestler Quits, Saying Coronavirus Fears Ignored

A sumo wrestler in Japan said he had “no choice” but to quit the sport after his request to skip a tournament for fear of catching coronavirus was rejected.

A Year after First Death in China, Coronavirus Source Still a Puzzle

It is the world’s most pressing scientific puzzle, but experts warn there may never be conclusive answers over the source of the coronavirus, after an investigative effort marked from the start by disarray, Chinese secrecy and international rancour.

Internet Blackout in Myanmar’s Rakhine Enters Second Year

The internet shutdown in Myanmar’s conflict-ridden northwest, described by rights groups as the world’s longest, entered a second year Sunday with locals and campaigners appealing for an end to the blackout as coronavirus fears grip the region.

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.

Why Coronavirus Could Help Save the Most Trafficked Mammal on Earth

The novel coronavirus outbreak in China may end up saving one of the world’s most trafficked animals after Beijing announced a total ban on the sale and consumption of the pangolin.

Singaporean Woman Jailed 30 Years for Torturing, Killing Maid

A Singaporean woman who starved, assaulted and ultimately killed her domestic worker was sentenced to 30 years in prison Tuesday, with the judge describing the case as “among the worst types of culpable homicide”.

Lockdown Deaths of Animals in Bangladesh Pet Shops Spark Outcry

Hundreds of animals have died in Dhaka’s biggest pet market after stores were forced to close during Bangladesh’s coronavirus lockdown, leaving owners desperate and rights activists angry.

China Restricts Overseas Travel to Curb COVID Outbreak

China on Wednesday tightened overseas travel restrictions for its citizens as part of efforts to contain rising coronavirus cases, after reporting its highest number of infections in months.

First Hong Konger Convicted of National Security Crime Jailed for Nine Years

A Hong Kong waiter was jailed for nine years on Friday after he became the first person convicted under a sweeping new national security law that Beijing imposed on the city to stamp out dissent.

Chinese Shoppers Spend Big in Post-Virus Singles’ Day Binge

Chinese shoppers splurged more than $100 billion in the world’s biggest shopping event of the year, in a huge spending spree that suggests the country’s all-important army of consumers is fighting back after months of pandemic agony.

Social Media Giants Grapple with Taliban Dilemma

The last time the Taliban were in power, social networks were a thing of the future — but this time around, the militants’ takeover of Afghanistan poses tricky questions for the likes of Facebook and Twitter.

Taiwan’s Donation Sparks Calls to Rename ‘China’ Airlines

Taiwan’s aid shipments to countries battling the coronavirus have sparked a fierce debate on the island about whether it should rebrand its national carrier China Airlines.

No Strings Attached: India Millennials are Renting it All

At 29, Spandan Sharma doesn’t own a flat, a car, or even a chair, Indian millennials bucking traditional norms and instead opting to rent everything from furniture to iPhones.

Hong Kong’s Tiananmen Vigil Organizer Defies Police Probe

The pro-democracy group behind Hong Kong’s annual Tiananmen Square vigils set up a showdown with authorities on Tuesday as they defied a police deadline to cooperate with a “national security” investigation into their activities.

Bleak or Bright: The Future of Maria Ressa

Get to know who Maria Ressa is, the most controversial and talked- about journalist in the Philippines and the future that awaits her

‘Freedom Tower’ – The Skyscraper Symbolizing New York’s Resilience

It is the skyscraper that replaced the Twin Towers in New York’s skyline. Inaugurated in 2014, the One World Trade Center has become a symbol of resilience after the horror of 9/11.

Indonesia: Muslims Pushes Back on Pigs Celebration

Indonesia’s bid to lure more visitors by spreading halal tourism across the archipelago is facing a backlash, with a Christian celebration of pigs — forbidden for Muslims — the latest act of dissent.

‘LGBTQ Landmark’: Tokyo Opens Olympics Pride House

Tokyo on Sunday opened its first major community hub for LGBTQ people, part of a pre-Olympics project that campaigners hope will tackle stigma and raise awareness of discrimination.

School’s Out? Tuition Curbs Pile on the Anxiety for China’s Parents

In Beijing’s exclusive Haidian district, Zhao says she ploughs $10,000 a year into extra classes for her eight-year-old, a leg up in the competitive scramble of modern China — and an advantage the state now wants to restrict.

Angry Wuhan Next-of-Kin Seek Answers over Virus Handling

Zhang took his elderly father to a Wuhan hospital for a surgical procedure in January, just as coronavirus was consuming the central Chinese city. Within days, his father was dead of the contagion.

Women in Japan Turn to Popular App to Solve Persistent Groping Problem

Commuters in Japan are fighting back groping with an app

Cultural Appropriation: The Sanctity of Tradition Deserves Respect

How blurred is the line between respecting a culture and insulting it?

Philippines’ World-Beating Pool Stars Playing Out of Poverty

Pool isn’t just a game in the Philippines but a way to make a living, driving a fiercely competitive scene that has produced some of the world’s top players.

Asia Sales Help LVMH Limit COVID Damage

LVMH, the world’s biggest luxury company, said Tuesday that a strong pickup in Asian sales and robust online business helped contain the damage from Covid-19 in its 2020 results.

Western Alarm as Canada Says Hong Kong Enforcing Single Nationality

Canada, Britain and the United States have expressed alarm after Ottawa revealed authorities in Hong Kong forced a dual citizen to choose one nationality, enforcing what they said was a little-used regulation for the first time in decades.

Dubbed as ‘The CIA’, Thai Street Food First on Scene to Feed Protesters

With an intelligence network so good they have been compared to the CIA, Thai street vendors are often first on the scene at “guerilla” democracy protests in Bangkok, where they hawk sour pork and fishballs to a democracy-hungry crowd.

What is Thailand’s ‘Section 112’ Royal Defamation Law?

Thailand’s monarchy is protected by one of the world’s toughest defamation laws, making any criticism of the powerful King Maha Vajiralongkorn very risky inside the country.

Lady Gaga ‘Praying’ for Japan on 2011 Disaster Anniversary

Lady Gaga added her voice to the diplomats and dignitaries sending condolences to Japan on Thursday to mark 10 years since its catastrophic earthquake, tsunami and nuclear disaster.