Taiwan Financial Supervisory Commission clarifies rumors, says it remains neutral on Bitcoin issue

Taiwan’s Financial Supervisory Commission (FSC) recently issued a new statement, saying it remains neutral on the issue of Bitcoin regulation. Previously, the media had widely reported that the FSC would list Bitcoin as an illegal payment tool.

Earlier this month, Taipei Central News Agency reported that the Financial Supervisory Commission issued a new statement on Bitcoin and digital currencies, deeming Bitcoin and other digital currencies "illegal". The media said that this was said by the chairman of the Financial Supervisory Commission, Zeng Mingzong, at a legislative hearing, but it has not been confirmed whether Zeng Mingzong actually said that Bitcoin is illegal.

CNA further reported that Zeng “promised that the FSC would work with the central bank and police in mainland China to crack down on illegal activities related to digital currencies,” sparking speculation that the FSC would take action against those using digital currencies.

However, the agency sent a statement to CoinDesk clarifying that previous speculation by the media and the outside world was untrue.

The FSC’s Banking and Banking Division told CoinDesk in an email:

“At the end of 2013, the Central Bank of the People’s Republic of China and the Financial Supervisory Commission issued a joint statement defining Bitcoin as a “virtual commodity.” Considering the non-monetary nature of Bitcoin and the potential risks it brings, the FSC required Taiwanese banks not to accept or trade Bitcoin. Today, the FSC’s position on this issue remains the same as before.”

In January 2014, the FSC made a similar statement when it banned Bitcoin ATM operator Robocoin from installing Bitcoin ATMs in Taiwan.

At that time, the agency stated that banks could not touch Bitcoin, and "the installation of Bitcoin ATMs requires the approval of the FSC, and the FSC will not agree to install Bitcoin ATMs in Taiwan."

The FSC did not say whether it would ban certain types of digital currency activities, or any digital currency activities at all.

Original text: http://www.coindesk.com/taiwan-finance-regulation-bitcoin-ban/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information