Hong Kong businessman invests in BitPay

A harsh warning from the People’s Bank of China does not seem to bother one Hong Kong businessman from investing in Bitcoin’s future.

Li Ka-shing, the 8^th richest man on the planet according to Forbes magazine, has invested an undisclosed amount in Bitcoin payment service provider BitPay. The 85 year old business tycoon invested in BitPay through his own venture capital firm, Horizons Ventures. Horizons Ventures is known for making early investments in the social network Facebook, and in VIOP and IM service Skype. Horizons Ventures has not released any details on the investment as of yet.

BitPay is one of the world’s leading payment service providers of Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and supports over 15,000 merchants in over 200 countries. This year alone, BitPay processed over $100 million in Bitcoin transactions.

"We are fortunate to have the benefit of many supportive investors, including Horizons Ventures," BitPay released in a statement on the investment.

Bitcoin has been a hot topic in Asia recently, with the People’s Bank of China announcing their position on Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and Bitcoin in particular, banning its use as a currency, or to be traded in the local Yuan. After PBOC’s announcement, other countries began to announce their positions on digital currencies.

For a better understanding on the global regulations of Bitcoin, check out our Bitcoin regulatory status guide explaining the position of 13 countries who have made announcements on the subject.

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