Bitcoin Banned in Taiwan after Billionaire BTC Ransom Attempt
Just days after a Hong Kong tycoon was kidnapped, beaten, and held for millions of dollars in Bitcoin in ransom by criminals, the Financial Supervisory Commission (FSC) Chairman of Taiwan, Tseng Ming-chung, has made a ruling. Bitcoin is now illegal within Taiwan. In many developed countries, a separate government body, like a Parliament or Congress, would create laws after a vetting process of checks and balances, with a somewhat legitimate voting process. The banking interests are presumed to control the action from behind closed doors. Not in Taiwan apparently, where the FSC, similar to....
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The Chairman of the Financial Supervisory Commission (FSC) has declared Bitcoin to be illegal in Taiwan, following a recent high-profile kidnapping accident involving ransom demands made in Bitcoin. Despite the mainstream adoption of Bitcoin by a largely tech-savvy population in Taiwan wherein citizens have the means to buy bitcoin in popular convenience store chains, the Taiwanese FSC has today declared Bitcoin to be illegal in the country. FSC Chairman Tseng Ming-Chung. The announcement came after a recent high-profile incident wherein a prominent Hong Kong business tycoon was kidnapped....