[2015-11-03] Bitcoin to be ruled illegal in Taiwan

[milaliss]

Bitcoin to be ruled illegal in Taiwan
The Financial Supervisory Commission (FSC) Chairman Tseng Ming-Chung proclaimed bitcoin illegal after the rescuing of kidnapped Hong Kong tycoon Wong Yuk-Kwan, whose abductors wanted the ransom to be paid in digital currency.
http://www.coinfox.info/news/3564-bitcoin-to-be-ruled-illegal-in-taiwan

[bitcoinbettingtips]

I does not matter too much to the bitcoin world that bitcoin is illegal in Taiwan. It just mean the people in Taiwan will suffer from the lack of interaction with bitcoin. Bitcoin will change our life for the good.

[loserkids]

It just mean the people in Taiwan will suffer from the lack of interaction with bitcoin.

If they will enforce this law the way they enforce traffic laws I wouldn't worry about Bitcoin here.

[1Referee]

What's next? Will they soon ban the US Dollar if kidnappers want the ransom to be paid solely cash in USD bills? This just shows their stupidity, that's all.

[notthematrix]

It just mean the people in Taiwan will suffer from the lack of interaction with bitcoin.

If they will enforce this law the way they enforce traffic laws I wouldn't worry about Bitcoin here.

exacvtly.

[Digit-0]

I does not matter too much to the bitcoin world that bitcoin is illegal in Taiwan. It just mean the people in Taiwan will suffer from the lack of interaction with bitcoin. Bitcoin will change our life for the good.

Nah, believe me, Taiwán people will never suffer from the lack of interaction with bitcoin just because the government of Taiwán declared it illegal, is like torrent and all those things, they will continue using it even if government is against that.

Also be sure that things will changed when more countries start to accept bitcoin they will regret that decisión.

Bitcoin cant be stopped by governments, guys, never forget that

[pawel7777]

Bitcoin to be ruled illegal in Taiwan
The Financial Supervisory Commission (FSC) Chairman Tseng Ming-Chung proclaimed bitcoin illegal after the rescuing of kidnapped Hong Kong tycoon Wong Yuk-Kwan, whose abductors wanted the ransom to be paid in digital currency.
http://www.coinfox.info/news/3564-bitcoin-to-be-ruled-illegal-in-taiwan

That's a bit bullshit reason to delegalize Bitcoin. The kidnapers can still demand BTC as ransom from the family, as they can easily cash it out abroad (or sell it on black market), but now the family won't have a chance to buy bitcoins to pay the ransom (if they wish to), increasing the chance the kidnappers will kill their victim.

That doesn't quite solve anything.

By allowing exchanges and regulating them (with KYC/AML), there would be a bigger chance of keeping trace of any illegal activities involving cryptos.

[meono]

LOL i wonder what happens  after they declare this, a gang kidnaps a top ranked official and ask for bitcoin in ransom.

Do they just say "no cant do, because bitcoin is illegal " ?

LOL For anyone who does not know, Taiwan is a joke. Their political parties are nothing but mafias. What they have there is "black society" . Even high ranked officials have to bow to the "chairman" of triads.

[trinaldao]

how about this article ?
this is hot article

http://bravenewcoin.com/news/spanner-in-the-works-for-taiwans-bitcoin-adoption/

“To install Bitcoin ATMs would require approval from FSC, which will not be given, so it is impossible for a Bitcoin ATM to come to or appear in Taiwan.”
- FSC



“Taiwan’s foreign travelers can buy as easily as locals. FamilyMart hopes to extend this ability to its online stores in the near future. At that point FamilyMart Taiwan will be able to accept cross-border payments from all over the world,”
- BitoEX

[OrientA]

Bitcoin is a kind of virtual goods in Taiwan. It is legal to own. You cannot use it as a currency. I am not sure how they will enforce the rule.

[pawel7777]

Bitcoin is a kind of virtual goods in Taiwan. It is legal to own. You cannot use it as a currency. I am not sure how they will enforce the rule.

They won't. I'm not even sure how can they delegalize 'owning' cryptocurrency from technical point of view. After all, you don't 'own' bitcoins, you own private key. So effectively you'll get penalised for having string of digits and letters stored somewhere.

Nevertheless it will hurt Bitcoiners in Taiwan, as they won't be able to legally trade or use bitcoins.

[Digit-0]

Bitcoin is a kind of virtual goods in Taiwan. It is legal to own. You cannot use it as a currency. I am not sure how they will enforce the rule.

Thats the question, as i said in my previous post they will never stopped it 100%, ofc they can put the fear in the body of his citizens by hard laws about it, but in the end they will never stop the use of the bitcoin, if two guys want to use it as a payment, they will never stop it.

As i said, so they will regret and change that decisión

[LiteCoinGuy]

is that the only source of that news? i dont believe it at the moment.

[zeroday]

Many countries' economies are ruled by morons with obsolete minds.

[LiteCoinGuy]

http://focustaiwan.tw/news/aeco/201511020025.aspx

http://cointelegraph.com/news/115538/bitcoin-banned-in-taiwan-after-billionaire-bitcoin-ransom-attempt

[Snorek]

It is not about recent kidnapping. Taiwan's authorities hated bitcoin long before that.

In the past when bitcoin itself was not illegal there, approvals for bitcoin ATMs have been refused. Later government said that: "the value of bitcoin is a bubble and is highly volatile. Therefore, is advised the public against the speculation of bitcoins to prevent making a loss during the process. The central bank is closely watching the development of bitcoin and plan to impose regulations in the future."

On 31 December 2013, Financial Supervisory Commission (Republic of China) (FSC) and CBC issued a joint statement which warns against the use of bitcoins. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion.

On 5 January 2014, FSC chairman Tseng Ming-chung stated that FSC will not allow the installation of bitcoin ATM in Taiwan because bitcoin is not a currency and it should not be accepted by individuals and banks as payment.

More info: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#Taiwan

No wonder that they finally fully banned bitcoin.

[OrientA]

It is not about recent kidnapping. Taiwan's authorities hated bitcoin long before that.

In the past when bitcoin itself was not illegal there, approvals for bitcoin ATMs have been refused. Later government said that: "the value of bitcoin is a bubble and is highly volatile. Therefore, is advised the public against the speculation of bitcoins to prevent making a loss during the process. The central bank is closely watching the development of bitcoin and plan to impose regulations in the future."

On 31 December 2013, Financial Supervisory Commission (Republic of China) (FSC) and CBC issued a joint statement which warns against the use of bitcoins. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion.

On 5 January 2014, FSC chairman Tseng Ming-chung stated that FSC will not allow the installation of bitcoin ATM in Taiwan because bitcoin is not a currency and it should not be accepted by individuals and banks as payment.

More info: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#Taiwan

No wonder that they finally fully banned bitcoin.

Good study.

But bitcoin is not banned in Taiwan. Bitcoin is treated as digital or virtual goods. It cannot be used as a currency.

[Digit-0]

Many countries' economies are ruled by morons with obsolete minds.

Exactly, let's hope that in some way ( i hope son ) they will changes his minds, all those type of persons only react when they think/see that they are losing something, the question is that they are not Smart enough to see that they are already losing something, the great movement of bitcoin.

[bitcoinbettingtips]

Many countries' economies are ruled by morons with obsolete minds.

Exactly, let's hope that in some way ( i hope son ) they will changes his minds, all those type of persons only react when they think/see that they are losing something, the question is that they are not Smart enough to see that they are already losing something, the great movement of bitcoin.

Sure enough, when bitcoin is widely adopted in the rest of the world and benefiting people, the Taiwanese Authority will unban bitcoin.

[Mike Christ]

Pretty much any nation using fiat is going to wind up going this path at some point in time.  All the talk about protection is just fluff, adults aren't children and can certainly be prudent about how they handle their finances; this is about ensuring that nothing can compete with the central bank's power, which stems from printing fiat (i.e. transfer of wealth from the population to the central bank, and by connection the state), which bitcoin thwarts since the banks can't print it.  Void of this power to print, they'd have to go back to borrowing and taxation, and that will, at minimum, reduce the power of the state drastically (since they'd have to take a lot more from you directly, thus you'd feel the effects of their spending), and at maximum, result in overthrowing the reigning regime (in the case that they are stubborn about how they're spending.)  That is no bueno for those with such power, that means they must stop anything which threatens that power.

The sad part is, all this will do is turn what would've been a voluntary transaction into a criminal act; the crime rate in Taiwan will rise simply because of this new law.  Any law-abiding citizen will avoid bitcoin if they can, which means major businesses are sure to stall adoption indefinitely, and the smaller businesses can't afford whatever consequence will befall them; this not only stunts the spread of bitcoin but limits it to people who don't care about breaking the law, which will likely strengthen the association between bitcoin and other criminal activities, in the same way that alcohol was associated with criminal behavior when it was banned, and the same way certain drugs are banned now.  This gives them more ammo against bitcoin--not that they aren't already doing everything they can to associate bitcoin with criminality.  It's almost like the MSM is bought off or something...