After HongKong, it is time for Taiwan

[panganib999]

Couple of reasons I could think of that could lead to Taiwan deciding to be more accepting of bitcoin in its country.

1. To spite China: China has not been the most accepting of cryptocurrency utilization in its country, and they had made moves that go towards the complete ban of it within their borders, and since Hong Kong and Taiwan are their enemies in all manner of the word, these moves made by Taiwan goes towards the promotion of the idea that they oppose the superpower.
2. Economy: The crypto world is a trillion dollar industry, and to not cash in on this profitable venture is like shooting yourself in the foot especially nowadays when inflation is arguably at an all time high.
3. Just because: Just as with El Salvador completely adopting bitcoin in their currency system, Taiwan's moves in favor of crypto usage may just be self-explanatory. They basically just wanted bitcoin to have a place in the East Asian borders.

Whichever it was, the positive consequences remain supreme.

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[Finestream]

I think this is just the start and many traditional banks will follow. Imagine the people who predict that Bitcoin is going to $100,000. A recent announcement came from a traditional bank and they are famous and with their statement, a lot of people probably have managed to buy and really believed in that idea. I do hope that it can come to fruition and continue to have that kind of power and backing from everyone. A lot of people would be rich just by holding BTC as well.

This is something to celebrate as Taiwan is now a part of crypto friendly countries that will give opportunities to people to buy and use bitcoin or hold it until its value reaches its new ATH. If most of the traditional banks will have an attitude like this, then people will not stop from trusting them, instead they will stick to it and would be more encourage to invest in bitcoin for future profits.

[bittraffic]

It really could be true that the next bull market will be coming from the east. I have heard this from several podcasters not just to those Asian that rely on Hong Kong news where China plans it to be the global crypto hub.

Whenever Taiwan is on the news, its often a political news. So why so fast I think is to compete Hongkong and to prove the island is indeed independent to China.

[The Cryptovator]

I had hoped that this news was genuine, but it turns out to be fake according to Wu Blockchain. Positive news about cryptocurrency is always welcomed, while fake news can have a detrimental effect on the market in the long run. Nevertheless, I cannot completely dismiss the possibility of good news, especially since Hong Kong is currently attempting to regulate crypto licenses. China and Taiwan have a strained relationship, and Taiwan may not want to miss out on the potential economic benefits of crypto.

[Zlantann]

Whatever is the reason? I feel that this news should bring a lot of cheer to the market. Why? As another country joins the list that accepts Bitcoin & cryptocurrency as an entity and wants it to thrive.

What do you guys think?

This news is a welcomed development and a big plus to the crypto space. But this news has been refuted by Taiwan's Financial Supervisory Commission. They claimed that the comments of the Chairman of FSC Huang Tien-mu were misinterpreted to mean that conventional banks will engage in crypto trading services. But his point was that Taiwan will come up with a comprehensive framework for crypto dealing in September. I am sure this forthcoming crypto law will be friendly because Taiwanese lawmakers are unhappy that Japan and Singapore are ahead of Taiwan in the crypto ecosystem. They desperately want Taiwan to become a crypto hub so they want to attract more investos.

https://dailycoin.com/taiwan-crypto-rules-come-september-but-regulators-refute-reports-allowing-banks-offer-crypto-trading/

[Russlenat]

I mean, what was the hurry? Is it because HK announced a few days back that their largest bank plans to extend its service to crypto? Or it is a competition between China & Taiwan as to who gets a major chunk of the crypto business.

Probably both and more.

Every body knows there is a lot of money to be made with Cryptocurrencies.  Had it been almost globally accepted and regulated, no body would care enough to hurry anything up.  But it is not globally accepted and definitely not globally regulated.  Today there is uncertainty.  You start a mining farm but you never know if tomorrow your business becomes illegal.  So, whenever a country decides to finally accept it, there is hype and there is a lot of room for profitability.

Competition has always been present in all countries, that is how they play their game too. But I believe those who will take advantage on crypto first will definitely have an edge over other countries who are still very dependent on traditional means. Bitcoin and cryptocurrency are part of the technology innovations, and since technology drives a certain country, then the government should also learn to cope up with the changes, especially if it means the country’s profitability will be most likely visible. And Taiwan is just a perfect example for this, no matter what it’s real reason, but Taiwan is actually heading for the country’s brighter future with bitcoin adoption.

[ololajulo]

There are circulating rumors suggesting that China is leveraging its influence over neighboring countries to reestablish its presence in the cryptocurrency market. While this rumor holds some plausibility, the timing of China's market entry aligns with a pattern observed in the past, wherein China relaxed regulations on cryptocurrencies just before a significant market upswing, only to subsequently reverse its stance. Additionally, another theory posits that China is intentionally opposing American regulations to instigate an economic crisis.

[Viscore]

This was supposed to happen but the timing is perfect. A few hours back Taiwan announced that it will allow traditional Banks to offer Bitcoin & Crypto trading services. A month back they had announced that Bitcoin and cryptocurrency regulation are on the way. But why so fast?

I mean, what was the hurry? Is it because HK announced a few days back that their largest bank plans to extend its service to crypto? Or it is a competition between China & Taiwan as to who gets a major chunk of the crypto business.

Whatever is the reason? I feel that this news should bring a lot of cheer to the market. Why? As another country joins the list that accepts Bitcoin & cryptocurrency as an entity and wants it to thrive.

What do you guys think?

This is a great news for everyone, and hopefully this will create an urge for other countries to be more open minded so they can see the essence and potentials of crypto that could bring massive profits for the country. Well, I don’t think it’s a hurry decision because Taiwan might have been thinking about this decision for a long time, and maybe it’s only now that they have finalized it. Whatever is the reason, but surely for enormous profits, then Taiwan has made a perfect decision for its citizens as it may open vast of opportunities for people so they can freely buy and hold bitcoin and be as one of those future millionaires in bitcoin. And it’s really possible if they have faith in bitcoin.

[loopes]

This is sound good that taiwan starts adopting bitcoin massively into their citizens. Allowing bitcoin services on the conventional bank will be increase for bitcoin mass adoption. Not only hong kong and taiwan that legalize bitcoin in their country but also other countries will be inspired to chase the movement that was taken by hong kong and taiwan. this will be good news for the existing of bitcoin in the world wide..

The country that accept bitcoin / crypto currency as legal currency will get some benefits for the citizen, such as: 

• People will get easier transaction and get paid instantly from anywhere 
• No need to be afraid to fraudulent charge-backs
• enchance for marketing opportunities 

[blackened515]

This is sound good that taiwan starts adopting bitcoin massively into their citizens. Allowing bitcoin services on the conventional bank will be increase for bitcoin mass adoption. Not only hong kong and taiwan that legalize bitcoin in their country but also other countries will be inspired to chase the movement that was taken by hong kong and taiwan. this will be good news for the existing of bitcoin in the world wide..

Welcome the idea for Bitcoin to be use strictly used for business. Countries have start to see reasonable benefits of Bitcoin and the potential positivity it will bring to their resources. It's very important we study Bitcoin and understand perfectly how it operates. Bitcoin adaption is growing fastly in the space and also in the universe. Taiwan acdeptng Bitcoin will all triggered top competition in the digital economy, El Salvador was among the first country to adopt the payment of bitcoin in their general market and it works good for them.

[crunck]

I mean, what was the hurry?

What do you guys think?

I don't think they rush or compete with each other. Bitcoin and cryptocurrencies are not new, and I believe they have been doing their research for a while, and it is time to make a decision. Although this is not too big news because these two countries are very small economies and do not have a big impact on the world economy like China or the US. But it was also a success for the crypto industry.

[bbc.reporter]

I had hoped that this news was genuine, but it turns out to be fake according to Wu Blockchain. Positive news about cryptocurrency is always welcomed, while fake news can have a detrimental effect on the market in the long run. Nevertheless, I cannot completely dismiss the possibility of good news, especially since Hong Kong is currently attempting to regulate crypto licenses. China and Taiwan have a strained relationship, and Taiwan may not want to miss out on the potential economic benefits of crypto.

This might be the article Wu Blockchain mentioned, where the fake news started. It does not appear to be saying that their commission on financial regulations will allow their banks to offer payments and services to the cryptospace.

This is a translated paragraph from Chinese to English.



Currently not considering listing domestic cryptocurrency exchanges.

Regarding the possibility of listing the 27 domestic cryptocurrency exchanges that are currently under the guidance of the Financial Supervisory Commission, Huang Tianmu said that he has not considered it at present and should proceed step by step.

Source https://www.blocktempo.com/huang-tien-mu-promises-not-to-let-similar-incidents-as-ftx-happen-in-taiwan-again/

[worle1bm]

If we see that btc has been here for more then a decade and countries are now making regulations about it and banks offering crypto related services whereas in the past they were completely against it so do we still call it hurry? They have come up with this move which is good for the people but all those who buys with banks also remain under their radar so a kind of control over them also.They are seeing crypto as  a rising market of which they want to take benefits of so they have planned this move in conflict and with China.

[Wiwo]

Both Taiwan and Hongkong are actors that have taken time to develop their Bitcoin regulations and policy underground long before the public announcement so I don't see Hongkong bank-bitcoin adoption as a surprise even though it may seem too quick following Hongkong own announcement to me, I don't see any reason why Taiwan should waste so much time in developing their regulatory framework because Bitcoin is best regulated while being an actor in the economy so there can easily adjust and correct along the way.

[Asuspawer09]

This was supposed to happen but the timing is perfect. A few hours back Taiwan announced that it will allow traditional Banks to offer Bitcoin & Crypto trading services. A month back they had announced that Bitcoin and cryptocurrency regulation are on the way. But why so fast?

I mean, what was the hurry? Is it because HK announced a few days back that their largest bank plans to extend its service to crypto? Or it is a competition between China & Taiwan as to who gets a major chunk of the crypto business.

Whatever is the reason? I feel that this news should bring a lot of cheer to the market. Why? As another country joins the list that accepts Bitcoin & cryptocurrency as an entity and wants it to thrive.

What do you guys think?

This is surely great news since it is a part of Bitcoin adaptation all over the world, I mean even the article could easily increase the market price of Bitcoin easily at this time. This is surely going to be a long process especially when it comes to cryptocurrency adoption it would be a big discussion. It's great to see other countries getting interested in how they can use bitcoin.

In my country cryptocurrency is now supported by some banks and they now offer cryptocurrency trading which is a good thing and could easily encourage a lot of people that don't have an idea or don't know what Bitcoin is to actually buy or just gain interest about it.

[KiaKia]

The countries that sees the best in Bitcoin and crypto will not want to miss out, something that the United States of America should be doing right now, but the fear of crypto doing better and well embraced than the US Dollars have brainwashed them. It will be too late before they realize what they have thrown away.

I read about how Coinbase planned to change it's location out of the US, this people will regret their decision in the near future, if Asia countries embrace crypto and stick to it countries like the US and others will not stand a chance. I can't imagine living in the US and also accumulating crypto.

Us dollars is the reason why the US government is not showing some love for crypto, they believe it's brainwashing people and they pretend to care that some people are also losing money, how about 100s of casinos all over the states in the US? What have they done about that. I guess they can't, for some reason.

[btc_angela]

This was supposed to happen but the timing is perfect. A few hours back Taiwan announced that it will allow traditional Banks to offer Bitcoin & Crypto trading services. A month back they had announced that Bitcoin and cryptocurrency regulation are on the way. But why so fast?

I mean, what was the hurry? Is it because HK announced a few days back that their largest bank plans to extend its service to crypto? Or it is a competition between China & Taiwan as to who gets a major chunk of the crypto business.

Whatever is the reason? I feel that this news should bring a lot of cheer to the market. Why? As another country joins the list that accepts Bitcoin & cryptocurrency as an entity and wants it to thrive.

What do you guys think?

Perhaps their government knows that they really need to hurry so that they can be in the forefront of this revolution. Or maybe a slap against the oppressive China government. As we all know that China has been cracking down on crypto and wanted to promote their digital Yuan.

So it make sense the Taiwan will go on the opposite side and be as crypto friendly as they can be. And we've seen lots of bitcoin or crypto friendly countries in the neighboring South East Asean so they will just have to follow and let Asia be one crypto hub in the future.

[Wildwest]

If this can happen then I am very sure that later many other traditional banks will follow in their footsteps, and I believe later the value of Bitcoin will definitely increase again because news like this will have a big impact on the crypto market, especially now that many countries have recognized the greatness of Bitcoin so that the doubts they used to feel will disappear with news like this, And we all know Taiwan and Hong Kong are countries that perform very well economically so that other countries will be easily affected by them, so now we have to face the crypto market will increase again.

[ringgo96]

this is very interesting news, because the two countries are indeed very smart in managing their economy, if their traditional banks will agree to this then I'm sure other countries will not be silent and will definitely follow their flow, and most importantly for us crypto users market conditions will definitely improve with news like that, and we hope that this year the value of crypto can increase again, so that our investments so far can get big profits.

[inthelongrun]

Since when did China become willing to adopt and regulate bitcoin? Hongkong although it is generally under communist China rule has its own government as well and is a huge financial hub. Hongkong needs to blend with the latest technology if it wants to continue being competitive on the world stage. Taiwan on the other hand is a very rich industrial country like Japan known for its advanced technology. Bitcoin as one of the best technological innovations in the last decades earned its place to be accepted and regulated, especially in modern countries and states like Taiwan and Hongkong.