Just days after a Hong Kong tycoon was kidnapped, beaten, and held for millions of dollars in Bitcoin in ransom by criminals, the Financial Supervisory Commission (FSC) Chairman of Taiwan, Tseng Ming-chung, has made a ruling. Bitcoin is now illegal within Taiwan.
Financial Interest Decide What is Illegal, Then Tell Police the New Law
In many developed countries, a separate government body, like a Parliament or Congress, would create laws after a vetting process of checks and balances, with a somewhat legitimate voting process. The banking interests are presumed to control the action from behind closed doors. Not in Taiwan apparently, where the FSC, similar to the Securities and Exchange Commission (SEC) in the United States, has decided on its own that Bitcoin will no longer be allowed to be transmitted in Taiwan. The legislative controlling position of the financial industry is very clear and open in Taiwan.
According to Focus Taiwan News, Tseng said in a hearing Monday that Bitcoin was illegal and he pledged that the FSC would work with the country’s Central Bank and police to crack down any illegal activity. The FSC will also publish a statement jointly with the central bank to