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Author Topic: Bitcoin Declared Illegal In Taiwan  (Read 2947 times)
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November 03, 2015, 07:52:45 AM
 #1

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.

What do you think about this? They banned bitcoin because 1 kidnapping case, while there are many kidnapping case with their fiat, or is it just a reason to ban bitcoin in taiwan.
Bitcoin adoption is taiwan is really good, and shows big potential. But now bitcoin has been banned Sad

https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/

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November 03, 2015, 08:42:04 AM
 #2

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.

What do you think about this? They banned bitcoin because 1 kidnapping case, while there are many kidnapping case with their fiat, or is it just a reason to ban bitcoin in taiwan.
Bitcoin adoption is taiwan is really good, and shows big potential. But now bitcoin has been banned Sad

https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/


This is absurd. Must be another hidden reason that bitcoin is declared as illegal. It is crazy to think that the gangsters will stop their illegal activity because of this action of the Taiwan Authorities. I think that for sure it is a way to deviate the attention of the people from the fact happened. I cannot find another reasonable justification. Maybe they think that asking bitcoin the kidnappers will have more possibility to hide their money but this cannot be possible. Every transaction it is showed in blockchain and, if followed, can be monitored and blocked and founded the owner. Even if is used the tor browser. Otherwise how was possible everything happened with Ross Ulbricht. The Authorities find him and him's bitcoins.
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November 03, 2015, 08:56:32 AM
 #3

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.

What do you think about this? They banned bitcoin because 1 kidnapping case, while there are many kidnapping case with their fiat, or is it just a reason to ban bitcoin in taiwan.
Bitcoin adoption is taiwan is really good, and shows big potential. But now bitcoin has been banned Sad

https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/


This is absurd. Must be another hidden reason that bitcoin is declared as illegal. It is crazy to think that the gangsters will stop their illegal activity because of this action of the Taiwan Authorities. I think that for sure it is a way to deviate the attention of the people from the fact happened. I cannot find another reasonable justification. Maybe they think that asking bitcoin the kidnappers will have more possibility to hide their money but this cannot be possible. Every transaction it is showed in blockchain and, if followed, can be monitored and blocked and founded the owner. Even if is used the tor browser. Otherwise how was possible everything happened with Ross Ulbricht. The Authorities find him and him's bitcoins.

Sound to me like they are using whatever they could get as an public excuse to fight Bitcoin. Sound obvious to me they want to attack Bitcoin because they lose control over a portion of their citizen's economy.

Any Country that want to exploit their citizens will try to fight or ban Bitcoin.

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November 03, 2015, 09:23:52 AM
 #4

That is quite a strange twist of events, in my opinion this is temporary and will change in time.
Right now it's a sad sign of the criminal activity being treated as equal to Bitcoin just by being the means of exchange.
You cannot blame BTC for ransoms.

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November 03, 2015, 09:25:28 AM
 #5


Sound to me like they are using whatever they could get as an public excuse to fight Bitcoin. Sound obvious to me they want to attack Bitcoin because they lose control over a portion of their citizen's economy.

Any Country that want to exploit their citizens will try to fight or ban Bitcoin.

Yep or maybe some corruption is involved too.

Its just pure hypocricy that 99% of crimes are done with fiat, yet if 1% is done in bitcoin, you immediately ban bitcoin.

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November 03, 2015, 09:31:30 AM
 #6

Lets all declare fiat illegal, it wa s users in high profile ransom cases..

Man, what are these people thinking over there? Not normal..
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November 03, 2015, 09:38:32 AM
 #7

It's reasonable why their goverment doing this. Bitcoin has it's advantage point for some bad people to use bitcoin as ransom payment.
Whenver it's illegal , bitcoin still can exist as internet payment as we can see the value got increased yesterday. Something positive happen.


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November 03, 2015, 09:48:36 AM
 #8

It might only be one case so far but I can guarantee you it will be the first of many instances where bitcoins will be requested as payment for ransoms. Unfortunately it's the perfect option to facilitate these types of crimes as there's no safe way for kidnappers to pick up cash but Bitcoin gives them the perfect  opportunity to remain in the shadows whilst they get what they want. It likely won't be long before most kidnappers request payment in btc so it quickly could become a problem or at least a tricky situation to deal with.

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November 03, 2015, 09:54:30 AM
 #9

I'm pretty sure they're just using the kidnapping as an excuse to ban Bitcoin. This is actually bullshit when so many people are being held up with fiat.   

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November 03, 2015, 09:57:40 AM
 #10

People were saying that Bitcoin was banned already in Taiwan in 2014. I guess that now it is official. I doubt that Bitcoin was banned in Taiwan because of this on incident, someone must have done something to trigger this out of the Chairman of the Financial Supervisory Commission. Many of these kidnappings have happened with fiat, but they never made fiat illegal. Maybe the Taiwanese government didn't really like Bitcoin in the first place, and now they have an opportunity to make it illegal and they strike. Well I guess more people are getting to know about Bitcoin and some are not because the country they live in has made Bitcoin ILLEGAL.
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November 03, 2015, 10:25:12 AM
 #11

It's reasonable why their goverment doing this. Bitcoin has it's advantage point for some bad people to use bitcoin as ransom payment.
Whenver it's illegal , bitcoin still can exist as internet payment as we can see the value got increased yesterday. Something positive happen.

It is not more reasonable than banning knives because of that many crimes are associated with them.

They should be seeking for criminals, not for the instruments they use.

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Elwar
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November 03, 2015, 10:30:10 AM
 #12

Any time I see that a country has banned Bitcoin, I actually go and look at what really happened and it is some entity without the authority to make anything illegal or they are merely "banning Bitcoin from their banking system".
Something tells me that the chairman of the Financial Supervisory Commission of Taiwan likely cannot unilaterally pass laws.

These types of things also give a glimpse into how closely tied the central banks are to many governments in the world.

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Bud Spencer
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November 03, 2015, 10:38:47 AM
 #13

I think that this is just stupid as the same kidnapper, or someone else will just demand a payment in cash or as an online payment. This certainly does not solve anything!!
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November 03, 2015, 10:46:37 AM
 #14

IMO this is just temporary.

A successful man is one who makes more money than his wife can spend. A successful woman is one who can find such a man.
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November 03, 2015, 10:55:31 AM
 #15

Hmm that is sad :/ well good luck Taiwan Bit-coiners.
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November 03, 2015, 11:00:17 AM
 #16

Taiwan government may think that the use bitcoin is wrong, perhaps because many illegal transactions that occurred in Taiwan by using bitcoin, but I think it should be reviewed by the government of Taiwan
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November 03, 2015, 12:08:59 PM
 #17

Wrong move by the FSC for implementing such rule as I understand them sighting the recent gathering as excuse for making the use of bitcoin illegal in Taiwan however there has to be a hidden agenda to that because the criminals could just move to another virtual currency instead and do the same thing... The move is not good specially that they want to notify other countries for such regulations that other's may follow

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November 03, 2015, 01:46:48 PM
 #18

First Russia and now Taiwan. I don't really understand the reasoning to ban Bitcoin because of this one case.

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AtheistAKASaneBrain
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November 03, 2015, 01:48:40 PM
 #19

Idiots! that will only make the volume go higher. Didn't they already learn from what happened in Russia once Putin banned Bitcoin?



At what point will governments realize the fact that this technology cannot be stopped and that the only way to go is to go UP? Embarrassing presidents not understanding anything as always.
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November 03, 2015, 01:49:53 PM
 #20

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.

What do you think about this? They banned bitcoin because 1 kidnapping case, while there are many kidnapping case with their fiat, or is it just a reason to ban bitcoin in taiwan.
Bitcoin adoption is taiwan is really good, and shows big potential. But now bitcoin has been banned Sad

https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/


That's just being naive in my opinion. What about all ransoms in cash or into swiss bank accounts back in the day? Are they gonna ban cash now too?

Saying they will ban btc is like saying they are going to not let you torrent movies anymore. Sure both are illegal but how many are getting caught with it?

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