Bitcoin Banned in Taiwan after Billionaire BTC Ransom Attempt

[OmegaStarScream]

Just days after a Hong Kong tycoon was kidnapped, beaten, and held for millions of dollars in Bitcoin in ransom by criminals, the Financial Supervisory Commission (FSC) Chairman of Taiwan, Tseng Ming-chung, has made a ruling. Bitcoin is now illegal within Taiwan.


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

I can't say I didn't expect this when I first read that the billionaire got kidnapped few days ago , it was obvious that this is going to happen honestly , I'm not sure how Taiwan is into Bitcoin but I guess we just lost the chance to bring bitcoin to at least few hundreds/thousands from the 23,46 million citizen (their population) . What do you guys think ?

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[shorena]

Just days after a Hong Kong tycoon was kidnapped, beaten, and held for millions of dollars in Bitcoin in ransom by criminals, the Financial Supervisory Commission (FSC) Chairman of Taiwan, Tseng Ming-chung, has made a ruling. Bitcoin is now illegal within Taiwan.


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

I can't say I didn't expect this when I first read that the billionaire got kidnapped few days ago , it was obvious that this is going to happen honestly , I'm not sure how Taiwan is into Bitcoin but I guess we just lost the chance to bring bitcoin to at least few hundreds/thousands from the 23,46 million citizen (their population). What do you guys think ?

Hilarious. Declaring bitcoin illegal will only result in more criminal use, not less. Honest citizen will stop using bitcoin, which will only leave the criminals using it.

[prodigy8]

I think that they will correct the mistake what they did.
Why don't they ban dollar if a kidnapper require from them?
I think it it not for bitcoin, but hopefully a large amount of coins are in china.

[ajareselde]

I was afraid something like this is going to happen when i was reading about the kidnaping the first time. One might say that you could just as same ban every currency
that people use in illegal activities, but bitcoin is specific due to it's anonymity, and a step to resolving abuse of that power should be made.
Anonymity is a double edged sword it seams, but in this case i would prefer if they made exception on bitcoin users who have verified accounts on exchanges and have no problem in revealing addresses they own/use.

[pedrog]

That is pretty stupid, that doesn't from someone doing the exact same thing in the future, and what have they done when the ransom was in US dollars, gold or whatever currency they use in Taiwan?

Sometimes I think the people with power are the most stupid among us...