Topic: [2015-11-20] Taiwan Says Bitcoin Considered Commodity, Not Banned or Regulated (Read 329 times)
November 20, 2015, 09:56:06 PM
Currently, Taiwan’s central bank does not consider bitcoin as a legal currency. Nonetheless, Tseng told the Taiwanese press that, as long as bitcoin is considered a commodity rather than a currency, then the FSC and the central bank will not regulate it.
He is just saying that Bitcoin is not currently under his jurisdiction.
Is there a separate regulator for commodities in Taiwan?
November 20, 2015, 09:24:22 PM
The Taiwanese government has not banned bitcoin in Taiwan, according to comments made by Financial Supervisory Commission (FSC) Minister Tseng Ming-chung. The minister said there is no law preventing use of bitcoin as long as banks are not involved in transactions.
Currently, Taiwan’s central bank does not consider bitcoin as a legal currency. Nonetheless, Tseng told the Taiwanese press that, as long as bitcoin is considered a commodity rather than a currency, then the FSC and the central bank will not regulate it.
Bitcoin has been controversial in Taiwan in recent years, and Tseng’s recent statement is more positive than his previous declarations on bitcoin, one banning bitcoin ATMs in mid-2014 and another this month stating that bitcoin was illegal. Early in November, Tseng apparently told a legislative hearing that bitcoin was illegal, after Taiwanese kidnappers demanded $10 million ransom in bitcoin for release of Hong Kong oil magnate, Wong Yuk-kwan.
http://allcoinsnews.com/2015/11/20/taiwanese-fsc-minister-says-bitcoin-considered-commodity-not-banned-or-regulated/
Currently, Taiwan’s central bank does not consider bitcoin as a legal currency. Nonetheless, Tseng told the Taiwanese press that, as long as bitcoin is considered a commodity rather than a currency, then the FSC and the central bank will not regulate it.
Bitcoin has been controversial in Taiwan in recent years, and Tseng’s recent statement is more positive than his previous declarations on bitcoin, one banning bitcoin ATMs in mid-2014 and another this month stating that bitcoin was illegal. Early in November, Tseng apparently told a legislative hearing that bitcoin was illegal, after Taiwanese kidnappers demanded $10 million ransom in bitcoin for release of Hong Kong oil magnate, Wong Yuk-kwan.
http://allcoinsnews.com/2015/11/20/taiwanese-fsc-minister-says-bitcoin-considered-commodity-not-banned-or-regulated/
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