Wyre's Neil Woodfine on Bitcoin in China (Part 1)

Neil Woodfine is the Growth Manager for Wyre in Asia and the Organiser of Beijing’s Bitcoin Meetup. He is Long Bitcoin. We caught up with Neil a few months back, right after the Bitcoin-based cross-border payments startup he helped found, Remitsy, was acquired by Wyre. You can listen to this episode on Apple Podcasts, Sticher, Overcast, via RSS or wherever [...]

Neil Woodfine is the Growth Manager for Wyre in Asia and the Organiser of Beijing’s Bitcoin Meetup. He is Long Bitcoin. 

We caught up with Neil right after the Bitcoin-based cross-border payments startup he helped found, Remitsy, was acquired by Wyre.

In part one of our conversation on Bitcoin in China, Neil talks to us about:
  • How Wyre uses Bitcoin to make RMB payments into China.
  • The key users of Bitcoin in China: exchanges, miners and investors.
  • The attractiveness of Bitcoin as a speculative asset in China.
  • The policy environment for Bitcoin development in China.
  • How Bitcoin is used more like a currency hedge within China, rather than a means to evade China’s strict capital controls.
We hope you enjoy the first part of this Q & A with Neil Woodfine. You can listen here, to part 2 of this conversation with Neil Woodfine on Bitcoin in China (Part 2): the Bitcash split and the trouble with ICOs. 

Wyre is a cross-border payment platform for businesses making payments around the world. Wyre use blockchain technology to beat the banks and fintech competitors who are stuck using ageing traditional payment networks. Payments via Wyre are completed within six hours and fees are completely transparent. Key markets include China, Korea, Brazil and Mexico.

Selected links from the episode

Connect with Neil Woodfine Neil’s blog | Twitter


For news updates on Bitcoin, Blockchain and Crypto-Currency in China, follow @CNLedger


Detailed show notes
* With thanks to Xuan Shi.
  • Introducing Neil Woodfine. (00:51)
  • How Wyre (formerly Remitsy) uses Bitcoin to make RMB payments into China. (2:10)
  • How Neil came to China, Bitcoin and fintech. (8:13)
  • The first Bitcoin price bubble in 2013. (9.30)
  • Why Neil helped to start a cross-border payments company using Bitcoin. (11.00)
  • What China’s Bitcoin industry looks like. (11.47)
  • The key role of Bitcoin exchanges in China (OkCoin, BTCC, Huobi), hardware manufacturers and mining farms. (12:05)
  • How China has become a leading centre of the global bitcoin industry activity. (12:29)
  • How Chinese is Bitcoin and who are the users of Bitcoin in China? (13.50)
  • The development of China’s Bitcoin exchanges and their services. (15:26)
  • The emergence of Bitcoin futures markets on Chinese Bitcoin exchanges. (15:48)
  • China’s central bank’s recent inspections and guidance for Bitcoin exchanges’ operations and trading activities. (17.00)
  • The closure of margin trading on Bitcoin exchanges. (17.30)
  • Why there is no merchant acceptance of Bitcoin payments in China. (18.35)
  • How the policy environment for Bitcoin in China has remained open. (18:44)
  • China s PBOC governor Zhou Xiaochuan's comments about Bitcoin as a tradable and collectable asset, not a currency. (20:15)
  • The benefits of recent policy interventions on Bitcoin exchanges’ operations. (21:55)
  • Why Bitcoin in China is more like a currency hedge inside China, than a means to evade China’s strict capital controls. (22:30)
  • How to get in touch with Neil. (24.00)

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