Bitcoin Declared Illegal in Taiwan
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....
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This Monday, the Taiwanese Financial Supervisory Commission (FSC) declared Bitcoin an illegal asset. Last year the Taiwanese central bank issued a warning stating that bitcoin was a highly speculative virtual asset and lacked a mechanism to protect its transactions. Now, claims of illegal activities being conducted with aid of the virtual currency were taken to court by the Taiwanese Financial Supervisory Commission. It all began when a Hong Kong tycoon was kidnapped and held hostage for more than a month by a gang in Taiwan. The gang was demanding a ransom to be paid in bitcoin. Today,....
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....
Bitcoin has been “unbanned” in Taiwan. Well, that’s not exactly accurate. Sources are claiming that the digital currency was never banned in Taiwan in the first place, despite Central News Agency’s — one of Taiwan’s largest media outlets — recent report that the country’s Financial Supervisory Commission (FSC) labeled bitcoin and digital currencies “illegal.” The words are attributed to Tseng Ming-Chung, an FSC officer who during a legislative hearing, allegedly referred to digital currencies as “unlawful.” Tseng also pledged that the “FSC would work with the country’s central bank and....
Following recent reports wherein the Taiwanese Financial Supervisory Commission (FSC) Chairman deemed Bitcoin deemed bitcoin illegal, the FSC and the country's central bank now vide the cryptocurrency as a commodity. The two authorities will also step back from trying to manage bitcoin transactions. The stance is certain to be met with relief among Taiwanese bitcoin adopters. FSC Chairman, Tseng Ming-Chung. The chairman of the Taiwan's FSC, Tseng Ming-Chung has today confirmed that the regulator and Taiwan's central bank now see Bitcoin as a commodity while noting that the two agencies....
In a new statement, Taiwan's Financial Supervisory Commission (FSC) - its top banking, insurance and securities regulator - has indicated its stance on bitcoin remains neutral despite recent speculation it was moving toward more restrictive policies. Earlier this month, Taiwanese news service Central News Agency reported that the FSC had issued new statements on bitcoin and digital currencies, deeming them "illegal". The statements were attributed to FSC chief Tseng Ming-chung who, while not quoted directly, reportedly said during a legislative hearing that digital currencies were....