Hong Kong’s first bitcoin shop to open this week in Sai Ying Pun

hongkong23 Feb 2014 / South China Morning Post – Hong Kong’s first retail outlet for the virtual currency bitcoin will open on Friday.

The 400 sq ft shop in Sai Ying Pun, in Hong Kong Island’s Western district, is the brainchild of Asia Nexgen Bitcoin Exchange.

“The biggest issue people have right now is buying the bitcoin. People have to put money in, trade it through an exchange online,” which takes time, said Lo Ken-bon, the co-founder and chief executive of Asia Nexgen.

“Now, you walk into the store, hand over your cash and send the bitcoin to your digital wallet.”

Bitcoin enthusiasts will be asked to provide an identity card and proof of address, to comply with Customs and Excise rules on money laundering.

Lo is not the only one in Hong Kong hoping to cash in on the bitcoin craze; a trio of start-ups are racing to install the city’s first bitcoin automated teller machine.

Evan Griffin, a spokesman for Bitcoin Group HK, said his firm would import two ATMs from Portugal to be installed at the International Finance Centre and Wanchai Computer Centre.

Another firm, Hong Kong Bitcoin ATM, will install a machine in Mong Kok, with more to come if it is a success. Each ATM costs US$4,000 to US$5,000….. Read more

http://www.scmp.com/business/banking-finance/article/1433555/hong-kongs-first-bitcoin-shop-open-week-sai-ying-pun

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