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Regulators in Taiwan Warn Against Use of BTC, Prepared to Intervene

Avatar Jayanand Sagar 6 years ago

Taiwan FlagIn a perhaps not-so-surprising development, it is being reported that officials at the central bank of Taiwan and the Financial Supervisory Commission have issues a warning against the use of bitcoin in Taiwan.

The move comes as a number of other nations have themselves issued warning on the use of the digital currency, but also includes that Taiwanese officials may be inclined to intervene in the digital currencies movement if financial institutions engage with bitcoin. It’s unclear just what this means, but for now, it looks like the use of bitcoin to buy and sell goods and services in Taiwan are permissible.

“Bitcoin holders are on their own, as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion,” they said in a statement — reiterating many of the other talking points other countries have made. These points include volatility, no government backing, and the potential for misuse (financial crime and money laundering).

Taiwanese authorities continue to monitor bitcoin carefully as its expansion continues not only in Asia, but around the world. (via Taipei Times)

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