Hong Kong Will Have the First Retail Outlet for Bitcoin

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Hong Kong Will Have the First Retail Outlet for Bitcoin
Hong Kong Will Have the First Retail Outlet for Bitcoin

Hong Kong Will Have the First Retail Outlet for Bitcoin

Though Bitcoin is sliding internationally as it traded below $100 yesterday and it looks like a lot of trouble is ahead for it if the situation continues for a couple of weeks, there is no dearth of the takers of the digital currency. Now, Hong Kong is going to have the first ever retail outlet for the virtual currency Bitcoin. This is expected to be unveiled on Friday.

According to the local sources the retail outlet will spread on the 400 sq ft shop in Sai Ying Pun, in Hong Kong Island’s Western district. The idea was given by Asia Nexgen Bitcoin Exchange which has been a great advocate of the digital currency which can definitely play great role in retail business. It is evident that Bitcoin will get new life once this outlet starts offering its services.

If Lo Ken-bon, the co-founder and chief executive of Asia Nexgen is to be believed, the biggest issue people have right now is buying the Bitcoin and they have to put money in, trade it through an exchange online and it according to him takes time. However, now, he says that customers can walk into the store, hand over your cash and send the Bitcoin to their digital wallet.

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The Retail Shop Will Follow the Guidelines to Rule out Money Laundering

The organization however says that every effort will be put to follow the guidelines issued by the government authorities and for that Bitcoin enthusiasts will be asked to provide an identity card and proof of address, to comply with Customs and Excise rules on money laundering. Nonetheless, this step is going to bring several other companies to Hong Kong.

Several Bitcoin companies have come up to install automated teller machines which will say the light of day this year. According to Evan Griffin, a spokesman for Bitcoin Group HK admits that his firm is going to import two ATMs from Portugal to be installed at the International Finance Centre and Wanchai Computer Centre.

Similarly, Hong Kong Bitcoin ATM is expected to install a machine in Mong Kok. It says that if the fist Bitcoin ATM will see success, it will be bringing a couple more. Earlier, ForexMinute had reported the last month that Las Vegas-based Bitcoin- teller manufacturer Robocoin planned to launch a machine; however, things went wrong and that has been put on hold.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com