Taiwan declares Bitcoin illegal

Author: Cleopatra Image source: Dazhi

Taiwan's Financial Supervisory Commission recently announced that Bitcoin is illegal in Taiwan. A recent high-profile kidnapping case was based on the extortion of Bitcoin ransom.

Although many major technology companies in Taiwan have adopted Bitcoin and the general public can also buy Bitcoin through online stores, Taiwan's Financial Supervisory Commission has still declared Bitcoin illegal.

The policy decision comes against the backdrop of a recent kidnapping of a Hong Kong business tycoon, where the criminals demanded a ransom of HK$70 million in Bitcoins. The victim was rescued after paying HK$13 million.

Chairman of the Taiwan Financial Supervisory Commission (FSC), Tseng Ming-tsung, announced that the use of virtual currencies is illegal in Taiwan. In addition, the Taiwan Financial Supervisory Commission will also assist the Taiwan Central Bank and relevant legal agencies to "govern" any illegal activities related to Bitcoin.

In early 2014, Zeng Mingzong said that Bitcoin holders are "controlled by themselves" and are not bound by legal provisions, and Bitcoin can develop freely after declaring that virtual currencies are not recognized by financial regulatory authorities. In addition, he also vetoed the establishment of Bitcoin ATMs.

Last year, there were two Bitcoin exchanges operating in Taiwan, Bitage and Bitquick. However, Bitage's website did not have any functionality when it was made public, and Bitquick's website did not have an HTTPS certificate.

But at this time, people have not yet linked Zeng Mingzong's Bitcoin remarks to Bitquick's website bug.

The ban on Bitcoin in Taiwan will definitely have a profound impact on the increasing number of people in Taiwan who want to pay and purchase with Bitcoin.