i heard bitcoin illegal in Taiwan...why?

[jcpone]

taiwan thinks that it will create imbalance as bitcoin is a decentralized and unphysical currency.

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[Goozzi]

Taiwan’s Minister of Justice, Qiu Taisan, has called for cryptocurrency regulations to be in place by November in the interest of preventing money laundering.

Qui Taisan said the country’s Ministry of Interior, the Central Bank, the Bureau of Investigation and other entities will be involved in determining how to regulate bitcoin. Qui Taisan was interviewed during the financial industry money laundering conference held by the Taiwan Financial Services Coalition, according to the Central News Agency.

Government Studies Crypto Regulation
The government’s Legal Department invited two domestic virtual currency operators on April 10 to learn about virtual currency operations, the report noted. The department will be knowledgeable about “control mechanisms” prior to the Asia Pacific Anti-Money Laundering Organization in Taiwan at the end of November.

Gu Lixiong, the chairman of the Financial Supervision and Management Commission, also said the control of bitcoin and other virtual currencies is focused mainly on the prevention of money laundering. In order to prevent bitcoin from becoming a money laundering tool, the commission has asked banks to list the account of the bitcoin sales platform as a “high-risk account.”

A Change In Regulatory Outlook?
In October, Wellington Koo, then Taiwan’s Financial Supervisory Commission chairman, told a joint session of the parliament and the cabinet that Taiwan will not follow the paths of China and South Korea in an outright ban on crypto-related activity. Instead, the head of Taiwan’s financial regulator pledged to adopt a friendlier stance to support the development and adoption of both cryptocurrencies and blockchain technology in the country.
Last month, the new governor of Taiwan’s central bank, Yang Chin-long, expressed “uncertainty” over cryptocurrencies’ function as a payment instrument. He was asked about the matter after a number of central banking counterparts around the world explore a blockchain-based state cryptocurrency.

Yang Chin-long claimed cryptocurrencies aren’t working as payments, citing their speculative nature.

Source: https://www.ccn.com/taiwan-calls-for-aml-measures-for-cryptocurrency/

[Tengcreneng]

yesterday I heard that using of bitcoin illegal in Taiwan I don't guess why in some country its legal and in some like Taiwan is illegal?

It is a pity if the Taiwanese government makes Bitcoin illegal in the country. Whereas Bitcoin can greatly change people's lives for the better and more fulfilled. Taiwan's government should be able to see the good side of Bitcoin. And do not assume that Bitcoin is bad for his people. Hopefully, this decision can be changed.

[Hannahanto]

yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?

Yah I came across many News stating Taiwan government has announced crypto exchanges are not allowed in the country. This has been happening with many countries if you are updated with everyday news and articles. It's just the business between fiat's and crypto currencies. But at last whose economy grows well is the point here.  Those who accepted bitcoin and other crypto currencies, will have growth in their economy. But to those have not,  bit sad for their lack behind the growth.

[marcbitcoins]

The usage of BTCitcoin differs just like each country has it's set of rules. You could see everything here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country and also here (go to the end): http://www.europarl.europa.eu/RegData/bibliotheque/briefing/2014/140793/LDM_BRI(2014)140793_REV1_EN.pdf Basically it's not completely illegal in Taiwan and their looking to regulate it in the future however BTCitcoin ATMs were not allowed to be installed and any deals that directly involves banks are forbidden but users could pay each other in BTCitcoin.

No they did not ban it but they well just regulate it to ensure that it will not be used in illegal activities especially money laundering so it is safe to invest here while Bitcoin is not legal but not ban so better to invest as much as they can so that they could enjoy Bitcoin investment without tax as per latest news update they will declare it legal and regulated on November this year. here is the links https://www.ccn.com/taiwan-calls-for-aml-measures-for-cryptocurrency/

[siti25]

yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?

I heard there's been a murder and robbery that has something to do with bitcoin, a bitcoin break-in that has claimed the victims to be the government's attention in Taiwan and forbids the use of bitcoin to avoid further casualties.

[whitecaramel1]

I do not understand the countries that banned Bitcoin. it's ridiculous to have it especially in the back countries. they must be supportive, should not be obstacles.

[1Referee]

I do not understand the countries that banned Bitcoin. it's ridiculous to have it especially in the back countries. they must be supportive, should not be obstacles.

Wrong intent. It once again makes clear why we should strive for decentralized applications to enhance our lives and the freedom we all deserve to have. In all seriousness, aren't we all somewhat responsible for allowing the governments to do this to us? Bitcoin is the perfect tool allowing us to cut through this cycle and finally do what is better for everyone, and not better for the financial status of our government.

When people stop ignoring the serious nature of how rotten this system is, and finally wake up, the world might actually become a better place. Governments have proven to not do anything for the better, the last decades serve as clear proof of how rotten this on debt system is. It will eventually implode, but when, that's the only relevant question. The lower your fiat exposure is, the lower the consequences of an imploding system will be for you personally. I have taken the necessary steps already.

[Ewox]

Is this true or maybe I just missed something when the news came out. I was planning to go to Taiwan because I thought it was legal to use bitcoin and other cryptocurrencies there. I just wanted to try out like a coffee shop there that accepts these cryptocurrencies aside from traveling for a vacation in this place.

[BUK2016]

yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?

What is good for one country might not be good for another country and is why some countries over the world do accept and ban bitcoin as the development of each countries differs, and most a times the ban could be attributed to the wrong use of bitcoin and other altcoins. 

[Baoo]

In general, it is unfortunate that a ton of countries refuses Bitcoin (like, Taiwan, China..), and many are even afraid of their existence in the market and their development over time. In fact, they are always trying to destroy the digital currencies in general through many attempts (like, Twitter, Google, Facebook bans crypto ads), but fortunately they failed to achieve their goals, because Bitcoin is very strong and secure.

Furthermore, I do not think that this bad decision from Taiwan will last long, especially if bitcoin will develop in the near future and this is very likely to happen after a few months, then there will be a great possibility that Taiwan will recognize Bitcoin as a legal currency, It is possible that many countries will make the same decision.

[stomachgrowls]

I do not understand the countries that banned Bitcoin. it's ridiculous to have it especially in the back countries. they must be supportive, should not be obstacles.

Wrong intent. It once again makes clear why we should strive for decentralized applications to enhance our lives and the freedom we all deserve to have. In all seriousness, aren't we all somewhat responsible for allowing the governments to do this to us? Bitcoin is the perfect tool allowing us to cut through this cycle and finally do what is better for everyone, and not better for the financial status of our government.

When people stop ignoring the serious nature of how rotten this system is, and finally wake up, the world might actually become a better place. Governments have proven to not do anything for the better, the last decades serve as clear proof of how rotten this on debt system is. It will eventually implode, but when, that's the only relevant question. The lower your fiat exposure is, the lower the consequences of an imploding system will be for you personally. I have taken the necessary steps already.

Government would still remain into this rotten system since they do know that they are having the full control or do acts as a monopoly when it comes to power.People are blinded and only a few do able to see the light when it comes to crypto or on bitcoin itself but i wont still believe that people will collaborate their beliefs and would stand against the government.They do know the possible consequences when they do such thing.

[fritzbird]

yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?

Just like other countries that haven't or failed to grasp and adapt to emerging
techs and innovations like cryptocurrencies and bitcoins there will always be
a phase and time to deem it illegal and be rejected. But sooner or later as
these nations realize and see the fitting potential these innovations can offer,
they too will integrate them in their economies and markets. We will just have
to wait and see. A lot is still in-stored for Bitcoins in the coming months and
years to come.

[budz0425]

yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?

Just like other countries that haven't or failed to grasp and adapt to emerging
techs and innovations like cryptocurrencies and bitcoins there will always be
a phase and time to deem it illegal and be rejected. But sooner or later as
these nations realize and see the fitting potential these innovations can offer,
they too will integrate them in their economies and markets. We will just have
to wait and see. A lot is still in-stored for Bitcoins in the coming months and
years to come.

For those countries that are making bitcoin as illegal, well I do understand them but at some point it is also disappointing that they are making decisions on their own without seeing the whole story and how it would benefit in their country and their people.

[marielbeckham]

I also can't understand every country creating obstacles for not accepting BTC.

[BitHodler]

For those countries that are making bitcoin as illegal, well I do understand them but at some point it is also disappointing that they are making decisions on their own without seeing the whole story and how it would benefit in their country and their people.

How can you understand governments prohibiting the use of Bitcoin? It's all done to severely limit people's freedom, which directly also means that they on purposely don't allow their economy to develop, which is pathetic.

If you take all that in consideration, then it's clear that the system there is only functioning to feed the elite at cost of their country, and you understand that? I definitely can't and never will understand that.

We all strive for a better world, and that better world won't ever emerge with how governments on purposely prevent their economy from growing. People don't have to deal with this nonsense anymore thanks to Bitcoin.

[BeGoods]

yesterday I heard that using of bitcoin illegal in Taiwan I don't guess why in some country its legal and in some like Taiwan is illegal?

It is a pity if the Taiwanese government makes Bitcoin illegal in the country. Whereas Bitcoin can greatly change people's lives for the better and more fulfilled. Taiwan's government should be able to see the good side of Bitcoin. And do not assume that Bitcoin is bad for his people. Hopefully, this decision can be changed.

Every government has their own view about crypto and the Taiwan government has already stated that bitcoin can lead to new crime in online finance and make many corruptors easily make money laundering, that's what the taiwan government says. we ought to respect that because of that their view. hope the development of world technology change their policy..

[Sandeep24]

Some countries are not allowing Bitcoins as legal currency. So you can purchase Bitcoins and hold it because due to success of Bitcoin various countries are opening their door for digital currency and your country will be one of them.

[Ajeng07]

according to me because of the kidnapping of ransom in the form of Bitcoin. the government immediately stated that the use of Bitcoin in Taiwan is illegal.

[Hannahanto]

Yes I also heard the news that Taiwan government announced bitcoin as illegal in their country. It happened in so many countries. At the same time most of the countries now accept bitcoin in their country. So this will make change in other countries also. Once it will succeed in one country automatically the other countries doors will open. The main reason Taiwan government not accepting bitcoin is people use it for illegal purposes. Because there is no tax or other security purpose for bitcoin money. They think that this will mislead the people to use it for illegal way. Let's wait and see what the changes will come in future.