It was the first day after Lunar New Year in February 1974 when seven men gathered over breakfast at the Little Xin Xin Soy Milk stall in central Taipei and mapped out Taiwan's foray into semiconductor manufacturing. In an anecdote that is now legendary, Pan Wen-yuan, a Chinese expatriate who was then a US-based research director at Radio Corporation of America (RCA), advised Sun Yun-suan, the minister for economic affairs, to develop integrated circuits. It would cost US$10 million (S$13.8 million) and four years for the technology to take root in Taiwan, Pan said. The plan was approved and Taiwan managed to persuade RCA, then a dominant electronics company in the US, to agree in 1976 to transfer semiconductor technology. That April, the first batch of engineers were sent to RCA's facilities for a year of intensive on-the-job training in various functions from design, process, manufacturing to equipment. Billionaire Tsai Ming-kai, 69, chairman of smartphone chipmaker MediaTek, was one … [Read more...] about Can Taiwan keep its perch as top chip manufacturer?
Smaller units of bitcoin
FRANKFURT/LONDON: Cryptocurrencies such as bitcoin are set to be subjected to rules to prevent their abuse for money laundering, a global watchdog will announce on Friday, the first worldwide regulatory attempt to constrain the rapidly growing sector.The Paris-based Financial Action Task Force (FATF), a coalition of countries from the United States to China, will tell countries to tighten oversight of cryptocurrency exchanges to stop digital coins being used to launder cash.The move reflects growing concern among international law enforcement agencies that cryptocurrencies are being used to launder the proceeds of crime.Simon Riondet, head of financial intelligence at Europol, the European police agency that coordinates cross-border investigations, told Reuters he saw a growing use of cryptocurrencies in laundering criminal money.Earlier this year, Europol broke up a Spanish drugs cartel that laundered cash using two crypto ATMs, machines that issue cryptocurrencies for cash.Riondet … [Read more...] about Money-laundering watchdog to clamp down on cryptocurrencies
With 'Libra,' Facebook takes on the world of cryptocurrency (Agence France-Presse) - June 18, 2019 - 5:25pm SAN FRANCISCO, United States — Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages. "Libra"—described as "a new global currency"—was unveiled Tuesday in a new initiative in payments for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream. Facebook and some two dozen partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year. An eponymous nonprofit association based in Geneva will oversee the blockchain-based Libra, maintaining a real-world asset reserve to keep its value … [Read more...] about With ‘Libra,’ Facebook takes on the world of cryptocurrency