Red envelope gifting is a Chinese New Year tradition that has become digitized as a result of advanced payment processing; the January 27 weekend marks the beginning of the Chinese New Year and the country is expected to transact over 100 billion digital envelopes, an increase from 32 billion in 2015 which reported a 1,000% increase from the prior year; payment processors integrated with social media have increasingly been gaining market share and supporting digital transaction growth; bitcoin transactions are also expected to increase for the Chinese New Year. Source
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Asia/Pac
<p>China has accounted for over 90% of bitcoin's trading volume in recent weeks as no trading costs and a devaluing yuan have attracted the attention of traders; the country has approximately 10 of the world's leading bitcoin exchanges which have seen some intervention from Chinese regulators in recent weeks; beginning on Tuesday, three of the largest Chinese bitcoin exchanges implemented a flat fee of 0.2% per transaction to manage manipulation and volatility; trading volumes were significantly impacted following the new fee structure with volumes down approximately 90% on Chinese bitcoin exchanges.
