SC to regulate digital assets


Good move: Lim says many people have bypassed Malaysia because the policy was not clear about digital assets

Move seen to spur growth in digital currency sector

Regulatory oversight of digital currencies and tokens, which kicks in from today, offers timely clarity and transparency to various players in the fledgling industry.

Omni Capital Partners Sdn Bhd managing director Scott Lim said everything would be above board with the regulation and governance under the Securities Commission (SC).

“Digital assets in Malaysia have been underwhelmed mostly. A lot of people have been bypassing Malaysia because the policy was not clear about it.

“Certainly, now that this is regulated by the SC, it’ll be good. We shall wait for the guidelines,” he said.

Celebrus Advisory co-founder Edmund Yong said the regulation is very much welcomed and one which is needed, as it would spur growth in the industry.

Celebrus is a compliance-first blockchain consultancy firm.

He added that the statement by the Finance Ministry was very accommodative with the intention to use tokens and the recognition of it as a fund-raising tool.

“In fact, it can be an indirect source of foreign direct investment, a borderless method to raise funds.

“But from now until March 31, there will be a twilight period. Many activities will be stopped in their tracks because they don’t know where they stand.

“Some would possibly even move offshore because of the draconian RM10mil and 10-year imprisonment punishment,” said Yong.

He said digital tokens could also be for points in computer games or reward points, and it too would be quite draconian if it is all painted with the same brush.

The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 kicks in today and any person operating unauthorised initial coin offerings (ICOs) or digital asset exchanges faces up to a 10-year jail term and up to a RM10mil fine.

Digital currencies and digital tokens are collectively known as digital assets, which will now be prescribed as securities.

The SC is putting in place relevant regulatory requirements for the issuance of ICOs and the trading of digital assets at digital asset exchanges in the country.

This is expected to be launched by the end of the first quarter this year.

Finance Minister Lim Guan Eng said the offering of such instruments, as well as its associated activities, would require authorisation from the SC and needed to comply with relevant securities law and regulations.

“The Finance Ministry views digital assets as well as its underlying blockchain technologies as having the potential to bring about innovation in both old and new industries.

“In particular, we believe digital assets have a role to play as an alternative fund-raising avenue for entrepreneurs and new businesses, and as an alternative asset class for investors,” he said in a statement yesterday.

Any person offering an ICO or operating a digital asset exchange without the SC’s approval will face an imprisonment term not exceeding 10 years and a fine not exceeding RM10mil.

Federal Territories Minister Khalid Samad mooted the idea of the Harapan Coin last year, which would be the world’s first political fund-raising platform using blockchain and cryptocurrency technology.

In November last year, shareholders of Country Heights Holdings Bhd approved the company’s plan to conduct an ICO to issue its own cryptocurrency, called “horse currency”.

Country Heights founder and chairman Tan Sri Lee Kim Yew had said that the company would like to be the first to launch cryptocurrency in the country when the regulations are ready.

The company’s plan is to eventually issue one billion horse currencies backed by RM2bil worth of physical assets held by the holding company, with an initial 300 million open to the public for circulation.

StarBizBy ROYCE TAN roycetan@thestar.com.my

Related:

 

Guan Eng: SC to regulate digital currencies starting tomorrow 

 


Securities Commission to regulate offering and trading of digital assets ..

 



SC to Regulate Offer & Trade of Digital Asset | Focus Malaysia

 


SC to regulate cryptocurrencies from tomorrow | Free Malaysia Today


 

BNM, SC say drawing up rules on digital assets | Money | Malay Mail

 

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Huawei unveils server chipset as China cuts reliance on imports


New chip: A Kunpeng 920 chip is displayed during an unveiling ceremony in Shenzhen. Huawei is seeking growth avenues in cloud computing and enterprise services. — AP

HONG KONG: Huawei Technologies Co Ltd has launched a new chipset for use in servers, at a time when China is pushing to enhance its chip-making capabilities and reduce its heavy reliance on imports, especially from the United States.

Huawei, which gets the bulk of its revenue from the sale of telecommunications equipment and smartphones, is seeking growth avenues in cloud computing and enterprise services as its equipment business comes under increased scrutiny in the West amid worries about Chinese government influence over the firm.

Huawei has repeatedly denied any such influence.

Chinese firms are also seeking to minimise the impact of a trade dispute that has seen China and the United States slap tariffs on each other’s technology imports.

For Huawei, the launch of the chipset – called the Kunpeng 920 and designed by subsidiary HiSilicon – boosts its credentials as a semiconductor designer, although the company said it had no intention of becoming solely a chip firm.

“It is part of our system solution and cloud servicing for clients. We will never make our chipset business a standalone business,” said Ai Wei, who is in charge of strategic planning for Huawei’s chipsets and hardware technology.

The Shenzhen-based company already makes the Kirin series of smartphone chips used in its high-end phones, and the Ascend series of chipsets for artificial intelligence computing launched in October.

It said its latest seven nanometre, 64-core central processing unit (CPU) would provide much higher computing performance for data centres and slash power consumption.

It is based on the architecture of British chip design firm ARM – owned by Japan’s SoftBank Group Corp – which is seeking to challenge the dominance in server CPUs of US maker Intel Corp.

Huawei aims to drive the development of the ARM ecosystem, said chief marketing officer William Xu. He said the chip has “unique advantages in performance and power consumption”.

Xu also said Huawei would continue its “long-term strategic partnership” with Intel.

Huawei’s new ARM-based CPU is not a competitor to the US company’s x86 CPUs and servers, but complementary, Xu added. Redfox Qiu, president of the intelligent computing business department at Huawei, said the company shipped 900,000 units of servers in 2018, versus 77,000 in 2012 when it started.

Huawei was seeing “good momentum for the server business in Europe and Asia Pacific” and expects the contribution from its international business to continue to rise, Qiu added.

Huawei also released its TaiShan series of servers powered by the new chipset, built for big data, distributed storage and ARM native applications.

The firm founded chip designer HiSilicon in 2004 to help reduce its reliance on imports.

In modem chips, Huawei internally sources 54% of those in its own devices, with 22% coming from Qualcomm Inc and the remainder from elsewhere, evidence presented at an antitrust trial for Qualcomm showed. — Reuters

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Huawei’s revenue growth rebounds despite `storm-tossed’ 2018

From trade war to global anarchy?


https://youtu.be/03D-0uDOj_c
https://youtu.be/N8IyDSrMY3w

The arrest of a top Huawei executive may spark a conflict that could cripple America’s rival and unleash chaos in the world order.

WE shouldn’t be misled into thinking that the “trade war” between the United States and China is being resolved following their presidents’ recent meeting.

Instead, President Donald Trump is taking the conflict way beyond tariffs into many other areas in a comprehensive attempt to stop or slow down China’s economic development. This has implications not only for China and countries like Malaysia, which are integrated into the Chinese production chains.

The evolving conflict spells the end of the Western countries’ belief in the win-win benefits of trade and investment liberalisation. It accompanies the emergence of an alternative view that China and some other countries are not partners after all but rivals that must be checked.

Just as Trump and China Presi­dent Xi Jinping were sitting down for dinner on the sidelines of the G20 summit to thrash out a “truce” to their tariff war, the Canadian authorities were arresting the daughter of the owner of Huawei, China’s giant technology company whose smartphone sales are now bigger than that of Apple’s iPhone and second globally only to Samsung phones.

Huawei chief financial officer Meng Wanzhou was in transit at Vancouver airport when she was detained at the request of the US on the grounds that her company violated US sanctions against Iran years ago. Only after many days was she released on bail, and she has to wear an electronic tracker.

The Chinese government called the action “very nasty” and Chinese citizens are outraged. It would be equivalent to China arresting Melinda Gates, co-head of the Bill and Melinda Gates Foundation, for alleged violation of China’s regulations on healthcare. In the whole Western world, there would have been a tremendous outcry and threats of very dire consequences.

Yet the Chinese are supposed to accept Meng’s arrest as a routine matter that is unrelated to the trade war. It cannot be sheer coincidence that years after the alleged crime, the arrest took place at the exact hour that Xi was having dinner with Trump to work out a truce.

The incident reminds us of the US accusation against another Chinese tech leader, ZTE Corp, in 2017 of breaking the same sanctions. A ban was imposed on ZTE from buying telecom chips from US company Qulcomm, which paralysed the company for weeks. Only much later was a political deal struck, with ZTE paying a fine before resuming production.

With China, Trump is concerned not so much with his country’s big trade deficit, but more with the threat to America’s global supremacy.

Suspicions over China’s global ambitions became certainty in the fevered minds of Trump and his hawkish advisers when Xi moved from the rhetoric of the Chinese dream to the concrete industrial plan of Made in China 2025.

This was to get Chinese firms to be world leaders in 10 high-tech sectors, including artificial intelligence, robotics, semiconductors, electric cars and aerospace.

Alarmed by the prospect of Chin­ese domination of the commanding industries of the future, Trump has been countering the ways by which China is developing its world-class companies. This is through trade, investments, subsidies and support, and acquisition of technologies and intellectual property.

The extra tariffs are meant to inhi­bit Chinese exports. The new Export Control Reform Act increa­ses powers to regulate US exports of emerging and foundational technologies of importance to national security, and can be used to ban sales of components and technologies to China.

To prevent Chinese companies from buying into US companies (and acquiring their technologies), the review powers of the US Com­mittee on Foreign Investment have been strengthened.

Last month, new national security rules were passed to allow review of small minority investments into sensitive US technologies, including biotechnology, nanotechnology and wireless communications equipment. The aim is to hinder Chinese firms from buying even small stakes in US tech start-ups.

The US has also been blocking attempts by Chinese firms to take over or buy controlling stakes in US companies, also on national security grounds. For example, the same com­mittee recently refused to app­rove a US$1.2bil (RM5bil) deal bet­ween Money Gram, a US money transfer company, and Ant Financial, a Chin­ese electronic payment company.

European countries and Australia are also increasingly restricting Chinese companies from investing in or taking over domestic firms.

Moreover, the US has banned the use of Huawei’s 5G-related equipment, with Australia and New Zealand following suit.

US officials have also been touring Europe to warn against choosing Huawei equipment, leading to growing concerns over the risk of Chinese spying and the security of 5G networks that use Huawei technology.

When slapping extra tariffs on Chinese products, Trump accused China of intellectual property theft and forced technology transfer.

The US actions cited national security grounds or used the unilateral Section 301 of its domestic trade law. Most World Trade Organ­isation (WTO) law experts view these actions to be a violation of various WTO laws.

Many countries have taken cases against the US in the WTO.

Perhaps feeling that the WTO rules constrain several of its planned actions, the US has moved to cripple the organisation’s dispute settlement system by blocking its appellate body from adding new members.

By the end of 2019, that body will not have enough members left and the WTO will become ineffective as it loses its strongest function.

There would be no more formal way within the multilateral trade system to legally challenge the US actions against China or other countries. Or for any country to challenge the actions of another. The system would break down.

Then the global trade order would slip from rules-based to each country for itself. America first, France first, Britain first, are already in vogue, and many others will follow suit.

The trade war that started with some aluminium and steel may thus snowball into a world of anarchy, where only might prevails.

It is an awful scenario, but not an unrealistic one to ponder upon as 2018 draws to a close.

It is not too late to halt this trend, but something has to give or change drastically in the US, if we are to have even a small chance to avoid disaster.

Image result for Martin Khor the Third World Network logo/images
Global Trends  by martin khor

Martin Khor is adviser of the Third World Network. The views expressed here are entirely his own.

About TWN – Third World Network

Escalating US-China trade war threatens global trading system

 

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Battle for global 5G mobile phone technology the real reason for Huawei CFO arrest


https://youtu.be/0fDUgBJ8yfY

This photo of Shanghai Bund is taken by Chinese Satellite with 24.9 billion pixels of quantum technology. It’s worth seeing! You can zoom in, zoom out when you look at it. You can clearly see every gesture, even face of pedestrians on the road. You can see the license plate. Photos can also be moved up and down, left and right. It is said that this is the latest development of China’s military science and technology achievements, hidden, indeed suffered harm!!! It can also be rotated. Press’+’to zoom in and’-‘ to zoom out. Left and right rotation. It’s too  clear!
 Quantum Technology will be used in 5G phone very soon. Europe and US are scared to death now because this technology is monopoly in nature

Why did Canada arrest the CFO of Chinese tech giant Huawei? – Samsung surrendered its Chip IP right to US companies in order to survive

By Janus Dongye, Researcher at University of Cambridge

The detailed reason for this arrest has been revealed. Huawei CFO Wanzhou Meng is suspected of conspiracy to defraud multiple financial US institutions. The US Judiciary found that there was a company called Skycom that traded with Iran during  2011–2014 and Huawei was suspected to control the company Skycom at that time.

So the accusation is about the old Iran sanctions 7 years ago. And you might wonder why someone brought this up at this particular time.

There is something else that you need to know to understand this incident.

Global 5G Battle

5G is the fifth generation of cellular mobile communications. It succeeds the 4G (LTE/WiMax), 3G (UMTS) and 2G (GSM) systems. 5G is the new critical node for the future global supply chain. This is the ultimate technology that determines the communication/mobile networks in the next 10 years. Therefore this is a big cake that everyone wants to get a slice from it.

The whole 5G framework can be divided into two key technology: the modem chipset and router infrastructure. On one hand, the modem chipset is installed in your phones and other sensors that need to be connected to the Internet.

The current 5G modem chipset patent (IP) is held by:

Huawei (China), Qualcomm (US), Samsung (Korea), MediaTek (Taiwan), Intel (US), Apple (US) (rumoured). On the other hand, the router infrastructure is placed in base stations all over the buildings and towers. It directly talks to the 5G modem in your mobile phones and translates your 5G requests to the Internet.

The current 5G router patent (IP) is held by:

Huawei (China), Nokia (Finland), Ericsson (Sweden), ZTE (China) Surprise Hah?, Cisco (US), Samsung (Korea).

There are two hidden traps from this 5G technology that other people might not tell you:

The router and the modem chipset must be compatible, and therefore a standard must be settled in order for them to talk.

The modem chipset is deeply coupled into the system on a single chip with CPU and GPUs. The system is normally shipped as a package.

If you hold the 5G modem IP in a SOC (System-on-chip), you can also bind your CPU and GPU IP in a package. That means whoever controls the 5G IP would also control the whole market of the CPU and GPU intellectual property. If you hold the 5G router standard, you can also control the modem standard and then control the whole system standard.

For example, if the US were to allow Huawei to sell its 5G router devices to Verizon or AT&T, then Huawei could make all of its base stations to only support its own modem standard. Then you could end up with the whole system package delivered by Huawei as well. Then the US might have to buy more devices made by Huawei in order to use 5G.

That’s how Qualcomm rose from a small company to the top simply based on its 3G patents. And you can see that Huawei and Samsung is the dominant player here that they both control the modem and router patents.

However, owing to the pressure of the US government, Samsung surrendered its chip IP right to US companies. This is the fundamental difference between Samsung and Huawei. Because the South Korean market is so small and therefore Samsung has to surrender to the US in order to survive.

Samsung Galaxy S10 Comes with Qualcomm Snapdragon 855 SoC and 5G Service – Tech News Watch

You might wonder why Samsung does not use its Exynos processors in US but it has to use Qualcomm one? That is the pressure from the US government.

Meanwhile, Huawei gets the full cultivation in the Chinese market and does not fear the US government. It never intends to go to the US market as well. What it focuses on is the adoption in China and the rest of third-world countries. If you read the following recent news, you can get a feeling that China is really leading the global 5G battle in all three fields: technology, adoption and market.

Chongqing launches first 5G trial network

‘World’s first’ 5G call completed by Vodafone and Huawei

China Mobile and China Unicom to start 5G trials | TelecomLead

Briefing: China’s mobile operators granted nationwide 5G licenses · TechNode

The Chinese government said it would perform nationwide 5G adoption using Huawei technology around March 2019. Please note that this is a market of 1.4 billion people that is US population and Europe population combined. And the Chinese government is pushing this really hard, unlike the US stuck in legislation as you can imagine.

Meanwhile, the first adoption of 5G belongs to South Korea, which is four months ahead of China:

South Korean carriers set surprise commercial 5G launch for December 1 And compared to the US government, both Chinese and Korean government are very efficient in promoting 5G infrastructures. In this manner, US companies are really lagging behind. This could firstly cause wide-spread fears among the US companies. It is very likely that those companies would lobby the US Congress to ban Huawei at first. The arrest happens just before the Huawei 5G technology is going to be adopted commercially in China.

It is very likely that some people wanted to disrupt the growth of Huawei. Everyone talks about the Huawei arrest. But no one is talking about who initiated the investigation against Huawei and who filed the case in the US juridical system in the first place?

Another interesting side note during the incident:

Cisco temporarily bans employees from China

I suspect CISCO could be the one who actually filed the case to ban Huawei.

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Huawei CFO cites US$12 million homes in Vancouver and health issues in bail bid in Canada


Extradition case: A home owned by the family of Meng Wanzhou, who is being held on an extradition warrant, is pictured in Vancouver. — Reuters
A home owned by the family of Huawei CFO Meng Wanzhou, who is being held on an extradition warrant, is pictured in Vancouver, British Columbia.

For Huawei CFO, an Idyllic Summer Playground Turns Into a Prison

Vancouver plays a special role for Meng Wanzhou, as it does for many a wealthy Chinese — a place to park some assets, educate  your children, and just let your hair down from time to time.

Meng — chief financial officer of Huawei Technologies Co., a telecom equipment giant present in more than 170 countries — would carve a few weeks out of her punishing travel schedule every year for a break in the Canadian city.

She’d time it for the summer, when her children would be there and when the city’s crystal waters and craggy mountains would emerge from 10 months of rain to be  bathed in long, golden days of sunshine. Just last August, she was seen strolling through a local park, snapping photos with her in-laws.

Her place of retreat has now become a jail. On Dec. 1, Meng stepped off a Cathay Pacific flight from Hong Kong around noon, and had planned a 12-hour stopover in Vancouver before heading on to Mexico. Instead, she was arrested by Canadian  authorities and faces a U.S. extradition request on charges she conspired to defraud banks, including HSBC Bank Plc, so that they unwittingly cleared millions of dollars in transactions linked to Iran, in violation of U.S. sanctions.

This time, her stay looks to become an extended one — extradition cases can sometimes take years. Whether she spends that time in a cell or under house arrest may hinge in part upon her ties to Vancouver and if they’re considered deep enough to stop her from fleeing.

Meng’s bail hearing resumes Monday at 10 a.m. local time. It’s expected to last the whole day as her defense team calls witnesses, including security companies, to testify on ways to address flight risk.

“In essence, Ms. Meng vacations for two weeks in Vancouver — I say that is not a meaningful connection to this jurisdiction,” Crown attorney John Gibb-Carsley said Friday at the six-hour bail hearing in Vancouver as more than 100 spectators watched from a glass-walled gallery.

Meng — wearing a dark green sweat suit, her posture impeccable — watched from the back of the courtroom with her interpreter, occasionally taking notes on a sheet of paper. The 46-year-old has an incentive to flee home to China, which has no extradition treaty with the U.S., and she has the vast resources and connections to remain out of reach indefinitely, Gibb-Carsley said.

Canada has long been a favored destination for millionaire migrants, and Vancouver, especially, for the Asian ones. But increasingly that’s been stoking tensions in a city  awash in Chinese cash, with wealthy part-time residents blamed for property prices that have made Vancouver the most unaffordable city in North America.

Meng, who first visited Vancouver 15 years ago, bought a six-bedroom house with her husband Xiaozong Liu in 2009 that’s now assessed at C$5.6 million ($4.2 million),  according to property records and an affidavit by Meng read aloud in court. In 2016 they bought a second property, a brick-and-glass mansion set in a 21,000-square-foot lot assessed at C$16.3 million. Purchased with mortgages from HSBC, she’s offered to
post the family’s equity in both as part of her bail.

Meng and Liu live in Shenzhen with their 10-year-old daughter. She also has three
sons from a previous marriage, one of whom attends a prep school in Massachusetts. If granted bail, the family would move into one of their Vancouver homes and the son in Massachusetts would join them for Christmas, Meng’s lawyer told the court.

Meng WanzhouPhotographer: Dennis Zhe/Huawei Technologies Co.

Three of her four children have done part of their schooling in Vancouver, and they still spend weeks — sometimes months — in the city during summer. Meng, who also goes by the names Sabrina and Cathy, holds two passports, one from China and one from Hong Kong, and until 2009 also had Canadian permanent residency.
Her defense argues that those ties are substantive, and proposes she wait it out at one of her houses, under surveillance, tagged by a GPS device, and subject to  nannounced
police checks.

“She would not flee,” Meng’s defense lawyer David Martin responded. “She has a home here.”

Meng is the daughter of Huawei’s founder Ren Zhengfei, whose net worth was  stimated at $3.2 billion, according to Gibb-Carsley. A million-dollar bail to that family is equivalent to a C$156 bail for an upper-middle class Canadian family with C$500,000 in assets, he said.

“I’m not saying that wealthy people can’t get bail,” said Gibb-Carsley. “But I’m saying in terms of magnitude to feel the pull of bail, we are in a different universe.” –

 

Sabrina Meng in her own words: Huawei CFO cites health problems in her bid to secure bail in Canada

The US is seeking to extradite Meng in relation to Huawei’s alleged use of an unofficial subsidiary, Skycom, to skirt sanctions on Iran

Sabrina Meng Wanzhou, the chief financial officer of Chinese telecommunications  giant Huawei Technologies, was arrested last Friday in Vancouver, Canada at the request of the US and accused of fraudulently representing the company to get around US and EU sanctions on Iran.

The US is seeking to extradite Meng in relation to Huawei’s alleged use of an unofficial subsidiary, Skycom, to skirt the sanctions, a lawyer representing the Canadian  government said. Meng was arrested at Vancouver International Airport on December 1 as she changed planes and has been detained ever since.

Meng, a daughter of Huawei founder Ren Zhengfei, attended the British Columbia Supreme Court last Friday for a bail hearing, as the US seeks her extradition on fraud charges. The hearing ended without a decision and will continue on Monday.

Ahead of the continuation, here are some of the details of Meng’s personal affidavit filed with the Supreme Court:

    • Meng describes herself as a 46-year old Chinese citizen, holding a Hong Kong and Chinese passport, who lives in Shenzhen.

 

    • Meng says her family have extensive ties to Canada, and Vancouver in particular.

 

    • Although Meng relinquished permanent resident status in Canada, she says her family have bought two homes in Vancouver.

 

    • Those two homes include a property bought in 2009 with her husband at 4005 28th Street, and another at 1603 Matthews Street in 2016.

 

    • Meng says she tries to spend at least 2-3 weeks in Vancouver every summer. Since 2012 her children, who attended school in Vancouver, no longer live there.

 

    • After being detained and interrogated at Vancouver International Airport on Friday, Meng says she was taken to Richmond General Hospital after feeling unwell due to severe hypertension, a condition she has struggled with “for years”.

 

    • Meng says she continues to feel unwell and is worried about her health “deteriorating” while she is incarcerated. Meng says she has had numerous health problems throughout her life, including thyroid cancer, for which she underwent surgery in 2011.

 

    • In May 2018, Meng says she had surgery to remedy health issues related to sleep apnoea and still has difficulty eating solid foods – which has caused her to modify her diet. She has received daily packages of medicines from her doctor for years to treat her ailments.

 

    • Meng points out she has no previous criminal record in China or anywhere else.

 

    • If she is granted bail, Meng offers to surrender both her passports, to live at her home at 4005 28th Street, to have her family live with her as permitted by Canada’s immigration laws, she is willing to pledge the equity of either or both her houses as security, or to make a cash deposit as directed by the court.

 

    • Meng says she would not breach any bail conditions because of the reputational damage it could do to Huawei, the company her father founded.

 

    • Finally, Meng says she is innocent of the allegations levelled against her and will contest the allegations at trial in the US if she is ultimately surrendered.

 

Case: In the matter of the Extradition Act, S.C. 1999, c. 18 as amended in the matter of the Attorney General of Canada on behalf of the United States of America and Wanzhou  Meng, also known as “Cathy Meng” and “Sabrina Meng”.. –

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Environmental impact of cryptocurrency


Ten years ago, an anonymous cryptographer laid out the principles of an online currency that would operate beyond
the reach of governments and central banks. — dpa

BITCOIN was supposed to solve the problems of analogue currencies. Instead, it created a new one: an enormous amount of global energy consumption that rivals the power usage of an entire country like Ireland.

According to findings of a new study, the implementation of this cryptocurrency could lead to enough emissions being produced so that global temperatures rise 2°C by 2033.

The study, which was published in the journal Nature Climate Change, found that the hardware and electricity needs of Bitcoin alone could significantly impact climate change for the worse.

“Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change. This research illustrates that Bitcoin should be added to this list,” said Katie Taladay, one of the paper’s co-authors from the University of Hawaii at Manoa.

The technical design of how transactions are processed causes Bitcoin and many of the growing numbers of rival cryptocurrencies to consume an enormous amount of energy in so-called Bitcoin mining centres around the world.

And yet the digital currency Bitcoin is still enjoying hype as one of the greatest financial phenomenons of our time.

The foundation for Bitcoin was laid out 10 years ago when an anonymous cryptographer using the name “Satoshi Nakamoto” published a paper laying out the principles for autonomous digital money.

The ideas it contained were revolutionary: No control by central banks, no national borders.

Instead, a mechanism called blockchain would provide trust and security in the system. In broad strokes, blockchain is a publicly viewable ledger of transactions, each saved one after the other.

But as the cryptocurrency’s wild fluctuations and electricity needs have attracted a lot of media attention, the ramifications of the latter have only recently been brought to light.

In a different article published in May by financial economist and blockchain specialist Alex de Vries, the electricity consumption of Bitcoin was estimated to be around the same as the electricity use of the Republic of Ireland.

De Vries also predicted that Bitcoin could be using as much as half of a percent of the world’s total electricity consumption by the end of this year.

“To me, half a percent is already quite shocking. It’s an extreme difference compared to the regular financial system, and this increasing electricity demand is definitely not going to help us reach our climate goals,” de Vries said.

“With the ever-growing devastation created by hazardous climate conditions, humanity is coming to terms with the fact that climate change is as real and personal as it can be,” said Camilo Mora, associate professor of geography in the College of Social Sciences at UH Manoa, Hawaii.

“Clearly, any further development of cryptocurrencies should critically aim to reduce electricity demand,” Mora, the lead author of the new study warns.

So as Bitcoin celebrates 10 years since its creation and it gains more and more supporters each year, we should probably take a moment and give this energy-sucking technology a re-think. – dpa By AMY WALKER

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Blockchain Festival & Conference Week, Kuala Lumpur 26~27 Sept 2018

China leads the way as world’s billionaires get even richer


The United States created 53 new billionaires in 2017, down from 87 five years ago
China produced around
two new billionaires a week last year as the fortunes of the world’s
ultra-rich soared by a record amount, a report said Friday.Read more at: https://phys.org/news/2018-10-china-world-billionaires-richer.html#jCp
China produced two new billionaires a week last year as the fortunes of the world’s ultra-rich soared by a record amount – AFP

China produced around two new billionaires a week last year as the fortunes of the world’s ultra-rich soared by a record amount, Swiss banking giant UBS and auditors PwC said.

Billionaires’ wealth enjoyed its “greatest-ever” increase in 2017, rising 19 percent to $8.9 trillion ($7.8 billion euros) shared among 2,158 individuals, said the report by Swiss banking giant UBS and auditors PwC.

But Chinese billionaires expanded their wealth at nearly double that pace, growing by 39 percent to $1.12 trillion.

“Over the last decade, Chinese billionaires have created some of the world’s largest and most successful companies, raised living standards,” said Josef Stadler, head of Ultra High Net Worth at UBS Global Wealth Management.

“But this is just the beginning. China’s vast population, technology innovation and productivity growth combined with government support, are providing unprecedented opportunities for individuals not only to build businesses but also to change people’s lives for the better.”

The report said China minted two new billionaires a week in 2017, among more than three a week created in Asia.

In the Americas region, the wealth of billionaires increased at a slower rate of 12 percent, to $3.6 trillion, with the United States creating 53 new billionaires in 2017 compared to 87 five years ago.

Currency appreciation saw European billionaires’ wealth grow 19 percent although the number of billionaires rose by just 4.0 percent to 414.

Wealth transition from just five families accounted for 30 percent of the continent’s wealth expansion, the study said.

It warned of lower economic growth in the United States and China if the trade war between the two countries escalates.

“US and Asia ex-Japan equities could fall by 20 percent from their mid-summer 2018 levels.”

Asia challenging US dominance

For China’s young billionaires “the country’s fundamentals of a huge population and rising technology will continue to offer fertile conditions for entrepreneurs to grow their businesses,” the study said.

It there were only 16 Chinese billionaires as recently as 2006.

“Today, only 30 years after the country’s government first allowed private enterprise, they number 373 – nearly one in five of the global total.”

It said 97 percent of them are self-made, many of them in sectors such as technology and retail.

Billionaires from Asia, especially in the Chinese city of Shenzhen, are now challenging the traditional dominance of Americans as technology entrepreneurs.

“In 2017, they equalled America’s level of venture capital funding for start-ups, registered four times as many Artificial-Intelligence-related patents and three times as many blockchain and crypto-related patents as their US counterparts.”

Ravi Raju, head of Asia Pacific Ultra High Net Worth at UBS Global Wealth Management, said Asia’s billionaires “are young and relentless. They are constantly transforming their companies, developing new business models and shifting rapidly into new sectors.”

The report said that globally, self-made billionaires have driven 80 percent of the 40 main breakthrough innovations over the last 40 years.
UP AND OUT OF POVERTY – Xi Jinping https://youtu.be/SYWz2bwCUEE

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Asia’s billionaires see fastest wealth growth: report 
September 17, 2014 

 

 Asia’s billionaires see fastest wealth growth: report

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Asia’s billionaires see fastest wealth growth: report



September 17, 2014

Asia’s billionaires led by Chinese tycoons enjoyed the
fastest increase in their wealth this year compared to their peers in
the rest of the world, a report said Wednesday.

Read more at: https://phys.org/news/2018-10-china-world-billionaires-richer.html#jCp

 

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