China Has First Retail Store to Accept Bitcoin as Payment

China Has First Retail Store to Accept Bitcoin as Payment

11-28 14:23 Caijing

The move drew attentions from many Bitcoin lovers, but no transaction has been made so far.

China now has its first retail store willing to accept Bitcoin despite the country’s central bank has recently denied legitimacy of the growing popular virtual currency. The store in Harbin, the capital city in northeast China’s Heilongjiang province allows customers to pay by scanning QR codes in their Bitcoin wallet, a mobile phone app which can also covert Chinese Yuan into equivalent Bitcoin based on real-time exchange rate.The move drew attentions from many Bitcoin lovers, but no transaction has been made so far. 

Prices of Bitcoin on Wednesday soared to over $1,000, for the first time, since it was created in 2008 by someone under the name of Satoshi Nakamoto. Growth has exceeded 7600 percent this year.

Yi Gang, deputy governor of the People’s Bank of China said last week that the central bank, for now, has no intention to accept virtual Bitcoin as legitimate currency.

He, however, showed personal interests in the thing and said Chinese people are free to be a part of Bitcoin trading.

Beijing’s response came days after the U.S. Department of Justice and Securities and Exchange Commission both accepted the legitimacy of Bitcoins at a Monday’s hearing while Ben Bernanke, chairman of the Federal Reserve said he has no plans to regulate the currency.

In order to make the virtual currency widely accepted, more than 250 retailers are banding together this year in Bitcoin Black Friday on November 29 when people could pay for holiday shopping in Bitcoin.

As much as 7,500 stores and hotels worldwidem, mostly in western countries, have reportedly accepted Bitcoin as payment.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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