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Bitcoin Ban in China Helps Taiwanese Retailers

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Beijing’s ban on Chinese financial institutions from handling Bitcoin transactions has created trade opportunities for a Taiwanese online shopping service operator that will start accepting the virtual currency Jan. 1.

Chinese people who possess Bitcoins are expected to be more willing to use the digital money for online shopping because the currency has lost its appreciation edge on the mainland since the People’s Bank of China launched the ban Dec. 7, according to sources from Wayi International Digital Entertainment.

Wayi, an online game company, will begin next year accepting Bitcoin on its Wmall shopping site.

Because of the ban, Bitcoin trading is no longer allowed on Chinese online shopping platforms.

Chinese Bitcoin holders therefore need other channels to “digest” the currency, the sources said.

To attract potential shoppers from China, Wmall — Taiwan’s first online shopping service to accept Bitcoin — has been enrolling businesses that want a slice of the virtual currency pie to serve as its suppliers.

Source: http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1202&MainCatID=12&id=20131229000072

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