[2018-04-02] Taiwan Central Bank Proposes Money Laundering Rules for Bitcoin

[captainfuture]

The Central Bank of Taiwan is eyeing new rules that would bring bitcoin under the island's existing anti-money laundering regulations.

During a meeting with Taiwan's legislative arm Monday, central bank governor Yang Chin-long was questioned over how the banking authority would address the current "opacity" in bitcoin trading in the country, as highlighted by the recent price plunge, according to Taiwan's Central News Agency.

Responding to parliament member's enquiries, the governor said the central bank has increased its efforts in monitoring the volatile movements of bitcoin prices and will issue warnings to investors over the risks of cryptocurrency transactions.

https://www.coindesk.com/taiwan-central-bank-proposes-money-laundering-rules-for-bitcoin/

[thefaucetrunner]

It is part of the maturation process of cryptocurrency to face regulation like this. On one hand it is good, that it is being tolerated and accepted as a store of value, but on the other hand bad in that is goes against the philosophical foundations of crypto.

[CryptoBry]

Cryptocurrency could not anymore live as an enclosed island. The dream of mainstream adoption could never happen without the interference and intervention of the government. The whole ecosystem could never exist as a stand-alone as we still have to deal with the outside world. This is the big reality we have to contend with and maybe truly accept. Right now, many governments are already intervening and imposing their regulatory powers. I prefer to have good regulations aimed to curtail illegal transactions rather than a total outright ban. Of course, there would be people who can be arguing this situation but we have to realities here and compromises have to be coming.