[02-04-2018]Taiwan Central Bank Proposes AML Regulation for Bitcoin Transactions

[bitzamp.com]

The Central Bank of Taiwan has proposed a new legislation which will put Bitcoin trading under the country’s existing anti-money laundering (AML)regulations.

In a meeting with the Taiwan Legislature on Monday, the central bank governor Yang Chin-Long stated that the bank’s “response measure” to the noted “opacity of bitcoin trading” are to remind the citizens of investment risk and to move towards an AML regulation for Bitcoin.

The legislators also addressed the operations of bitcoin miners in the country, in which Yang noted that although most of the local mining companies were located in mainland China, the Taiwanese government should pay attention to effects of Bitcoin mining on Taiwan’s energy use.

Read More: https://bitzamp.com/taiwan-central-bank-proposes-aml-regulation-for-bitcoin-transactions/

[Gotottack]

This is what I have been fearing to come by. Nevertheless, I think the time has come that we have to address this situation squarely.

I think the Taiwan government's proposed regulation for Bitcoin transactions is good for Bitcoin and all its investors because it only means it is unstoppable. With it being unstoppable, the government just opt to regulate it rather than ban it in every possible way. Regulating Bitcoin is not bad because it would help stabilize its value in the long run, giving more benefits to Bitcoin investors.

We should not be afraid of having it regulated because it is for the best. Imagine if you already own a good sum of it, and it becomes regulated. You see, its price will come to a quite steady value. There is no loss here. What is more is that you cannot lose more of it like we are all experiencing now due to its being heavily volatile nature.