[aso118]

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?

The government doesn't have to state the real reasons for the ban. This ransom demand provides them a convenient excuse to ban Bitcoin.
Taiwan's loss could be other countries' gain. Other countries will benefit from the Bitcoin economy.

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[Amph]

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

russia is very big, and their decision could somehow affect the price(but maybe not so much, because many russians don't even know about the bitcoin existence, only hacker there...) but taiwan..

taiwan is very small(not even 24M people there), with or without them, nothing will change

[Bitcoininspace]

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

russia is very big, and their decision could somehow affect the price(but maybe not so much, because many russians don't even know about the bitcoin existence, only hacker there...) but taiwan..

taiwan is very small(not even 24M people there), with or without them, nothing will change

I just feel sad about the people there who would want to use bitcoin and get into it, and actually have use for it cause of the small transactions fee's.

Now most will obviously not touch it for reasons being declared by higher up idiots who know almost nothing about it. A whole country being banned from using a new technology. GG world.

[Raimonn]

I can't understand why they want to fight against bitcoin, they need to fight against kidnapping and other crimes, not against a currency. I supose that there are crimes before bitcoin in taiwan, they will not solve it blocking one system of payment.

[spud21]

A guy working for the OECD has published a paper that says the possibility a virtual currency could be made illegal erodes confidence in it's capability of storing value. He goes on to say his views are not necessarily the OECD's. He's talking rubbish and the OECD shouldn't let him publish papers like that if they don't reflect its views.

http://cointelegraph.com/news/115540/oecd-discussing-possible-bitcoin-illegality-is-mutually-damaging

Footnote 35 goes on to say:

"Even if a virtual currency is not declared illegal, discussing the possibility that a currency could be made illegal damages the mutual confidence in the future value of the virtual currency that is necessary for both parties to a transaction to regard it as serving as a store of value."

A bold claim especially when not put in a broader and greater context. Perhaps the OECD forgot to consult the European Union?

[crazyivan]

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

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

Who cares about Taiwan. Not really that important market and I m also sure they ll change their opinion soon. As BTC grows stronger, I highly doubt any country can afford to stay out.

[RealBitcoin]

Thats your "democracy" folks!

Politicians will just do whatever they want and dont care about what the sheeple voters want.

[7788bitcoin]

Many of the kidnappers in Taiwan asked for NT$ for ransom as well... are they going to make it illegal soon?

[croato]

Taiwan gov wanted to ban Bitcoin and this ransom is only (bad) excuse. Nothing new, goverments are corrupted and who knows what is real reason to they decide that. Sure they would not aknowledge that bankers want btc weak there and pay them to ban it, so they use realy shitty excuse.

[bitcoinbettingtips]

Taiwanese can still buy the bitcoin in foreign exchanges. The ownership of bitcoin is not banned in Taiwan.

If it is total ban, the economy in Taiwan will suffer in the next few years. Bitcoin and Blockchain is the driving force behind a new economy.

[electronicfactura]

Taiwanese government will by itself lift the ban in future.It is a childish act to stop growing and popularity of bitcoin.Actually the government is afraid as it is a big step towards blockchain technology which will make all spending transparent so from now they tried to stop bitcoin as act of preventive but they can't realize now no ban will be helpful as it too late to stop it.

[prodigy8]

Well if they declared illegal because of that kidnapping,
Then maybe they are right, because they think that will stop this phenomenon.
But in generally soon they will update it to a legal coin for sure.

[Masta Splint]

This is so dumb, just because of a ransom demand made in bitcoin they make it illegal. Yea its harder to track then normal currency like the U.S. dollar but come on! How many kidnappers really are going to go through the trouble of using bitcoin for ransom? When someone kidnaps some else and holds them for ransom, I assume they want to get there payment asap and get the hell out of town before getting caught. Most people dont have any idea what bitcoin really is still nevermind having enough bitcoin to pay ransom or know where to go to get bitcoin if needed for a ransom. Are they going to ban all other currencies as well and just make everyone use credit cards or something from now on? Maybe they should just get rid of all money and currency all together and just make everything in life free. Then theres no need for anyone to be held for ransom.

[ebliever]

So let's say that tomorrow a Taiwanese kidnapper seizes someone and demands a bitcoin ransom. What are the authorities going to do, say "You can't do that! Bitcoin is against the law!"

Then again maybe this is a brilliant tactic. Because the kidnappers just might die laughing at the government's response.

[xhoneyael]

it easy for them to ban it because goverment didnt get anything from bitcoin like tax they will not loss anything if they ban it or not
second is the anonymity of bitcoin will make them more work to trace it
or even impossible for them to solve the cases if bitcoin will be use in illegal things in their country

[AltcoinInvestor]

That is ironic how communist china didn't even declare bitcoin illegal and Taiwan is the one punishing capitalists.

[countryfree]

If next time, kidnappers ask a ransom in US $, will Taiwan ban that currency. This is stupid, and it's sad because Taiwanese are smart, educated hard working people. BTC had huge opportunities in Taiwan, so I hope this will not pass into law.

Russia did it, but most Russians are poor and uneducated, Taiwan deserves better.

[VirosaGITS]

If next time, kidnappers ask a ransom in US $, will Taiwan ban that currency. This is stupid, and it's sad because Taiwanese are smart, educated hard working people. BTC had huge opportunities in Taiwan, so I hope this will not pass into law.

Russia did it, but most Russians are poor and uneducated, Taiwan deserves better.

They are obviously using it as an excuse to ban it. It does not matter if the citizens are smart and educated. If the governments don't want Bitcoin to undercut their earnings, they will ban it. =/

[Slark]

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

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

Do they plan to ban alcohol, guns, knives and coffee too? After all it is all harmful for your body.
This decision is so immature on so many levels that I can't even express my thoughts.
Bitcoin will now be underground payment method. Way to go Taiwan!

[visual111]

this is good news - when people feel threatened by a technology, it means they understand that it's effective!