Topic: i heard bitcoin illegal in Taiwan...why? - page 5. (Read 13073 times)
Bitcoin was never declared illegal in Taiwan, however there is also regulators have warned the public that there will be no legal action against scam. Bitcoin ATM is put to ban but still Bitcoin can be purchased, these all facts clearly depict the dual nature of Taiwan against Bitcoin. But it seems things will settle out in the future after Taiwan’s financial secretary issued a statement that it will follow the path of Japan and have a friendly gesture for cryptocurrency which is definitely a good news for Bitcoin holders in Taiwan.
Bitcoin being a decentralized currency....some countries define it as illegal because they feel that it will create a economic imbalance in their country and will increase illegal activities. Moreover, they also feel that it will reduce their revenue as citizens will HODL it and will not pay taxes on capital gain.
I've heard, Bitcoin remains llegal in Taiwan. But it is prohibited to use as an instrument of payment.
If you are right that it is an entirely different situation. This approach to bitcoin in almost all countries. The government of Taiwan has not invented the way to collect turnover taxes bitcoins and therefore prohibits you to use it as payment. From a legal point of view for that Taiwan must accept the bitcoin currency. Without this, the purchase of goods with bitcoin is a barter transaction. It is not considered a purchase. But rarely what country can boast of independent courts and therefore need to hide such operations to avoid the press of the state. yesterday i heard that using of bitcoin illegal in Taiwan i don't guess why in some country its legal and in some like Taiwan is illegal?
not only in Taiwan in other country's also it is illegal. actually few people doing wrong business like drugs, mafia, prostitution etc. they earning money from this way more so they don't no how to save this money and where to save. for that reason they choose to keep in the bit coins form. mostly it is more secure. for that reason somebody trying to keep money in the bit coins form.
It is an open secret that Taiwan is not first world country, so this is not a surprise that they firstly need to be confident in its cryptocurrency before launching it as additional Taiwan currency.
I've heard, Bitcoin remains llegal in Taiwan. But it is prohibited to use as an instrument of payment.
At the end of 2013, the Central Bank of the Republic of China and the FSC has released a joint statement that defines Bitcoin as a 'virtual commodity'. Considering the non-currency nature and risk of Bitcoin, the FSC has required banks in Taiwan not to receive or exchange Bitcoin. At present, the FSC’s position on this issue remains the same as before.
hey!! stop making rumor. bitcoin is not illegal in TW, it's just like most of the world not REGULATED, yes that's truth that bitcoin ATM is forbidden in TW. but that's still the same with most of the world isn't it? how many countries have BTC ATMs...
and about bitfinet's bank issue, yes now TW banks block their account not allowing they to continue their BTC related transaction. but it's at American bank's request(Wells Fargo).
look! https://www.bitoex.com/
it's a registered company in TW buy and sell BTC. and they have cooperation with the third biggest mart, family mart. you can pay money at any branch of familymart in TW to purchase BTC from bitoex.
so, BTC is definitely not illegal in TW.
and about bitfinet's bank issue, yes now TW banks block their account not allowing they to continue their BTC related transaction. but it's at American bank's request(Wells Fargo).
look! https://www.bitoex.com/
it's a registered company in TW buy and sell BTC. and they have cooperation with the third biggest mart, family mart. you can pay money at any branch of familymart in TW to purchase BTC from bitoex.
so, BTC is definitely not illegal in TW.
Many states are applying different regulation/rules within their state so to stop the practice of Bitcoin. So far, no state has banned bitcoin. you can use bitcoin, buy and hold it. They only don’t want to understand to use as a payment system in dealings.
The reason for this is the recent incident that occurred wherein a prominent Hong Kong business tycoon was kidnapped by a criminal gang who demanded HK$70 million in Bitcoin. The victim was rescued soon after a payment of HK$13 million. This was the main impetus for Taiwan to ban Bitcoin. Moreover, many people cannot adjust to new change. And I think we can all agree that Bitcoin is a revolutionary technology. This can be another reason why the Taiwanese government is hesitant to accept Bitcoin through their jurisdiction.
Check this URL: https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/ - for more information regarding this.
Check this URL: https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/ - for more information regarding this.
That is an old article, 2015.
Bitcoin is neither illegal nor legal/regulated in Taiwan. Yeah, the government is against installing bitcoin ATMs, but no ban on using bitcoins. In fact, bitcoins can be purchased from over 6000 convenience stores in Taiwan including FamilyMart, OK Mart, 7-11 and Hi-Life, these services are provided by BitoEX and MaiCoin. The Taiwanese government might impose regulations on bitcoin in the future and give it a legal status.
I wonder if this will affect Tether since most/all of the deposits are held in Taiwanese banks?
The reason for this is the recent incident that occurred wherein a prominent Hong Kong business tycoon was kidnapped by a criminal gang who demanded HK$70 million in Bitcoin. The victim was rescued soon after a payment of HK$13 million. This was the main impetus for Taiwan to ban Bitcoin. Moreover, many people cannot adjust to new change. And I think we can all agree that Bitcoin is a revolutionary technology. This can be another reason why the Taiwanese government is hesitant to accept Bitcoin through their jurisdiction.
Check this URL: https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/ - for more information regarding this.
Such an good article this is what will be happen in the future if bitcoin will be legal of every country i hope that they don't use bitcoin in illegal activities.. that can affect the use of bitcoin locally.. Check this URL: https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/ - for more information regarding this.
This is i think the reason why bitcoin is illegal right now in taiwan .but i think they are just preventing those kidnappers to exchange their bitcoin into money for the future safe.
The reason for this is the recent incident that occurred wherein a prominent Hong Kong business tycoon was kidnapped by a criminal gang who demanded HK$70 million in Bitcoin. The victim was rescued soon after a payment of HK$13 million. This was the main impetus for Taiwan to ban Bitcoin. Moreover, many people cannot adjust to new change. And I think we can all agree that Bitcoin is a revolutionary technology. This can be another reason why the Taiwanese government is hesitant to accept Bitcoin through their jurisdiction.
Check this URL: https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/ - for more information regarding this.
Check this URL: https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/ - for more information regarding this.
Despite the mainstream adoption of Bitcoin by a largely tech-savvy population in Taiwan wherein citizens have the means to buy bitcoin in popular convenience store chains, the Taiwanese FSC has today declared Bitcoin to be illegal in the country.
The announcement came after a recent high-profile incident wherein a prominent Hong Kong business tycoon was kidnapped by a criminal gang who demanded HK$70 million (approx. 30,000 BTC or over USD $ 10 million) in Bitcoin. The victim was rescued soon after a payment of HK$13 million (approx. 4,800 BTC or USD $1.6 million).
Focus Taiwan, a national news agency reports that Tseng Ming-Chung, Chairman of the FSC deemed any usage of the cryptocurrency in the country to be illegal. Furthermore, he also stated that the FSC would collaborate with Taiwan’s central bank and law enforcement agencies to “crack down” on any illegal activities.
The announcement came after a recent high-profile incident wherein a prominent Hong Kong business tycoon was kidnapped by a criminal gang who demanded HK$70 million (approx. 30,000 BTC or over USD $ 10 million) in Bitcoin. The victim was rescued soon after a payment of HK$13 million (approx. 4,800 BTC or USD $1.6 million).
Focus Taiwan, a national news agency reports that Tseng Ming-Chung, Chairman of the FSC deemed any usage of the cryptocurrency in the country to be illegal. Furthermore, he also stated that the FSC would collaborate with Taiwan’s central bank and law enforcement agencies to “crack down” on any illegal activities.
Taiwan wrongly concluded that BTC is illegal, but BTC is a place of business transactions from all over the world. Actually BTC is not illegal if people just conclude it. Thanks
Hi
Is it in other countries that bitcoin already in legalka by the government? I just wanted to ask that.
Thanks
Is it in other countries that bitcoin already in legalka by the government? I just wanted to ask that.
Thanks
well actually i never hear about that, but if that true maybe because they affair it gonna use to something ilegal and the Goverment get less profit(tax).
The legitimateness of your bitcoin exercises will rely on your identity, where you live, and what you are doing with it. Taiwan regularly considered being a heaven to Bitcoin explorers. Bitcoin prohibited in Taiwan was a rumor.
If we learn from the information circulating about the ban Bitcoin users in Taiwan caused probably because there are factors crimes involving bitcoin, so central Taiwan law enforcement to crack down on any illegal activities related to Bitcoin.sungguh very worrying for Bitcoin users in the country
Few people are very greedy when it comes to bitcoin because they cannot do illegal activities with fiat currency. So they started doing illegal activities with bitcoin because governments cannot control those activities, bitcoin is out of government control. This is one of the main in Taiwan may be.
If we learn from the information circulating about the ban Bitcoin users in Taiwan caused probably because there are factors crimes involving bitcoin, so central Taiwan law enforcement to crack down on any illegal activities related to Bitcoin.sungguh very worrying for Bitcoin users in the country
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