After HongKong, it is time for Taiwan - page 2.

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Quote from: The Cryptovator on April 28, 2023, 02:53:04 PM

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/

crunck

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Quote from: elevates on April 28, 2023, 08:28:39 AM

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.

blackened515

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Quote from: loopes on April 28, 2023, 06:32:15 PM

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.

loopes

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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

Viscore

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Quote from: elevates on April 28, 2023, 08:28:39 AM

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.

ololajulo

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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.

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Quote from: PrivacyG on April 28, 2023, 09:55:58 AM

Quote from: elevates on April 28, 2023, 08:28:39 AM

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.

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Quote from: elevates on April 28, 2023, 08:28:39 AM

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/

The Cryptovator

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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.

bittraffic

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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.

Finestream

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Quote from: crwth on April 28, 2023, 09:03:30 AM

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.

panganib999

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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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Quote from: elevates on April 28, 2023, 08:28:39 AM

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?

I wonder why people are always unhappy? Things are going too slow? Not ok. Things are happening too fast? Unhappy again. Grin

We have to be grateful adoption is happening so fast. What is the reason? We can only guess: competition with HK or just a way to p*ss off China?

sokani

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It could be that Taiwan had this in the pipeline, but whether they hurriedly announced theirs before Hong Kong, all I know is that this is a very good news for the Asian crypto community and the world at large. Having both countries accepting bitcoin and other cryptocurrencies would help to strengthen local businesses, attract foreign investors and boost the country's economic. And I hope other asian nations will follow suit.

umbara ardian

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PredX - AI-Powered Prediction Market

Taiwan's reliance on digital assets like chips and automobiles, which could make the adoption of cryptocurrencies a natural fit for the country's economic development. By embracing cryptocurrencies, Taiwan may be able to diversify its economy and expand its trade relationships with other countries that are interested in using digital currencies for payments.
As more countries begin to recognize the potential benefits of cryptocurrencies, we may see an acceleration in the adoption and integration of digital currencies into the global financial system.

avikz

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It's one of the survival strategies Taiwan is trying to implement as they are very close to getting attacked by the second biggest land mafia of the world. Taiwan government has seen how China blocked the banking transactions of the local government and citizens of Hongkong. So probably they are preparing for that.

Another reason could be, Taiwan is trying to cash out from the current regulatory situation in US. The way US is treating the crypto companies, they will look for another destination from where they can operate. Probably they are trying to fill the gap.

But overall it's a good news! Hearing about crypto friendly countries is always good and positive for the market.

Accardo

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When I hear Taiwan I think of Hong kong, however, Taiwan doesn't have a natural resource and focus mainly on digital assets like chips and building of automobiles. So, venturing into cryptocurrency shouldn't be new to my hearing because to enlarge their trade relationship with other countries they'll need to have different payment options available for potential prospects. Taiwan is growing and I don't think that they took this decision because of Hong Kong, between, they import lots of agricultural products from other countries, and if they decide to pay in bitcoin that'll be a better growth for the currency. Its great to see that Asian countries are beginning to accept cryptocurrency into their banks.

Mate2237

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This is welcome news from Asians continent. Things happened like this because the economic planning committee in Taiwan is very active and they have seen the thrive of Bitcoin in these days. This have been said some time ago that if one country does well with bitcoin other countries which is close neighbours to the country might join the ecosystem. And this might be the reason of Taiwan, China and Hong Kong.

The hurry was to meet up the demand and also the rate at the moment is making them to hurry up because they haven for seen the future of Bitcoin, so they have to make a purchase now to join the ATH.

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Quote from: elevates on April 28, 2023, 08:28:39 AM

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?

True and Very interesting to see the development of Bitcoin and cryptocurrency adoption in various countries, and considering the recent announcement in Taiwan announcing traditional banks to offer crypto trading services is certainly a significant development in my opinion, Although it is not clear what motivated Taiwan's decision to move swiftly on Bitcoin regulations, it is possible that competition with China or Hong Kong's recent crypto banking announcements played a role.

But regardless of the reasons, the fact that other countries are feeling cryptocurrency and trying to promote its growth is undoubtedly positive news for the market, For me it's normal As Bitcoin and other cryptocurrencies continue to gain acceptance it will be very interesting to see how this impacts on global financial landscape.

Asiska02

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Quote from: elevates on April 28, 2023, 08:28:39 AM

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.

With all indications, it might seem to be like a competition of who gets the more crypto business utilisation. There’re a lot of entrepreneurs whom I think the government there wants to focus on in order to maximise the use of cryptocurrencies in their businesses. This will make the widespread faster and use amongst the citizens there. The adoption is getting massive day by day and it’s a welcome development to the world of cryptocurrency.

Quote

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?

Whether there is good or adverse news about it at the moment, I believe it is a brilliant idea that will add to the general success and expansion of cryptocurrencies in those areas. It may be for their benefit, but what is more important is that it is being adopted and will gain more global recognition and use.

Topic: After HongKong, it is time for Taiwan - page 2. (Read 425 times)